FACTBOX: Crisis hits North American oil investment
(Reuters) - The growing financial crisis and plunging energy prices have forced North American oil companies to scale back spending and delay projects, with expensive ventures in the Canadian oil sands hardest hit.
Below is a list of projects that have been delayed or scaled back in recent months, as well as other related news.
October 23 - Suncor Energy (SU.TO): delays construction of oil sands upgrader for C$20.6 billion Voyageur expansion by one year to 2013. Expansion boosts production from Suncor's oil sands operations near Fort McMurray, Alberta, to 550,000 bpd from 350,000.
October 23 - Petro-Canada PCA.TO: mulls deferring upgrader for proposed C$21 billion Fort Hills oil sands project to save up to C$10 billion. Move would mean partners build mine and extraction plant and sell as much as 160,000 barrels a day raw bitumen into open market starting 2011. Decision before year-end.
October 23 - Nexen Inc (NXY.TO) and Opti Canada (OPC.TO): delay decision on second phase of Long Lake oil sands project to some time in 2009. Expansion would double production of synthetic crude to 120,000 barrels a day. First phase cost C$6.1 billion and is now just starting up.
October 23 - Value Creation Group: construction of C$4 billion Heartland upgrader near Edmonton, Alberta, reported halted. First phase would have processed 77,500 barrels a day of bitumen into synthetic crude. Privately held company has regulatory approval for plant with 260,000 bpd capacity.
Oct 22 - Baker Hughes Inc (BHI.N): expects about 200 oil and gas drilling rigs in North America would be idled during the fourth quarter because of the tighter credit markets and the declines in oil and gas prices.
