Alberta Index - ENVIRONMENT: New rules could delay oil sands projects

ENVIRONMENT: New rules could delay oil sands projects

(AlbertaIndex, August 26, Tuesday) --- Tougher environmental regulations being proposed could hamper the development of oil sands projects in Canada’s Alberta province, French oil giant Total has warned.
Often lauded as the “next Saudi Arabia” with proven oil reserves of 177 billion, Alberta may not live up to its promise if proposed tight environmental regulations became law, said Total CEO Christophe de Margerie.

Total is planning to spend up to US$15 billion over 10 years to develop its oils sands projects. The company operates the Joslyn project in Alberta and last year started commercial output from a joint venture with ConocoPhillips.

Investors are expected to invest almost C$156 billion in developing the province’s oil sands in the next few years. Canada’s crude oil production could more than double to 2.8 million b/d by 2015, said the National Energy Board.

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