PTTEP, which owns 100 percent of the Mariana Oil Sands, is delaying the project’s final investment decision, which will result in an impairment cost of $550 million, the company said. The cost will be reflected in its third-quarter earnings.
The delay is the latest project to be postponed in Canada’s oil sands, where producers have been holding off on investments because of high start-up costs . The move is also in line with PTT’s strategy of focusing more on midstream capacity and natural gas assets .
(Reporting by Chayut Setboonsarng, editing by Larry King)