Fort McMurray leaders frustrated by CNRL mine expansion delay
CBC
Political and economic leaders in northern Alberta say they are frustrated with news that Canadian Natural Resources Ltd. has delayed a planned mine expansion north of Fort McMurray.
The Calgary-based oil and gas company said Thursday it was deferring its plans this year to spend $150 million on early engineering and design work for its $8.25-billion Jackpine mine expansion.
Company president Scott Stauth told The Canadian Press that CNRL made the decision because it is awaiting more clarity about carbon pricing and methane emissions rules, which are currently being negotiated between the Alberta government and the federal government.
He said he believes policies currently in place on those issues have hurt investments. New agreements on those issues are expected to be reached by April 1.
"We're positive that the governments are working very diligently together,” Stauth said. “We're going to come up with a positive outcome.
"We're just being very prudent from our perspective, and ensuring that the outcomes from that are reviewed internally here to ensure that we can tell our investors that growth in oilsands is going to be economically competitive."
In a statement to CBC News, Alberta Energy and Minerals Minister Brian Jean said he and his government remain optimistic, despite news of the delay.
“It’s not surprising that investors would like to see the outcome of these negotiations prior to investing billions in the sector, especially after a decade of uncertainty while Justin Trudeau was prime minister,” said Jean, who represents the Fort McMurray-Lac La Biche riding as an MLA.
Other economic leaders in Fort McMurray are hopeful the delay is temporary, but say they feel the news is part of a long pattern of delayed and cancelled oilsands projects in the region.
“The announcement highlights the ongoing challenge of regulatory uncertainty for major projects in Canada,” Dianna De Sousa, president of the Fort McMurray Chamber of Commerce, said in an interview.
“I remain cautiously optimistic and … I always expected that the carbon pricing elements of the negotiations would be one of the more complex parts of it, because it does put a lot of financial burdens on an industry that is looking to invest significantly.”
Keith Plowman, president of the Fort McMurray Construction Association, said work has been slow for his membership.
Local real estate statistics show housing inventory is shrinking, he said, but there have been few new homes built. He said he hopes any agreement reached on April 1 will kick-start more work for his industry.
“I like the terminology, delay. That gives me optimism,” Plowman said. “Hopefully there's some confidence back into the system and some of these major players are able to feel comfortable investing money again.”
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