SUGAR LAND, TX–(Marketwired – Jul 17, 2015) – Written by John Egan for Industrial Info Resources (Sugar Land, Texas) — The collapse of crude-oil prices is hurting Western Canadian oil-sands producers and their service companies more than their U.S. counterparts. Oil-sands projects have higher capital costs than U.S. drillers, and the crude produced from those projects sells for far less than West Texas Intermediate (WTI), the benchmark for U.S. light sweet crude oil. As a result, 21 oil-sands projects in Western Canada that were scheduled to begin construction this year have been cancelled or placed on hold, according to Industrial Info’s North American Industrial Project Database. The total investment value (TIV) of these 21 projects is about $9 billion.
Within this article: Impact of the oil price collapse on Canadian oil production projects, including those from Canadian Natural Resources Limited (NYSE:CNQ) and BP Plc (NYSE:BP).
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