Posted on 03/04/2015 8:35:26 AM PST by thackney
Shell Canada Ltd. has withdrawn its regulatory application for the proposed Pierre River heavy oil mine north of Fort McMurray.
The Pierre River Mine (PRM) application outlined a proposal for 200,000 b/d. The project “remains a very long-term opportunity for us, but it’s not currently a priority,” said Lorraine Mitchelmore, Shell Canada president and executive vice-president, heavy oil. “We will continue to hold the leases and can reapply in the future when the time is right,” she said.
PRM had been joined with an application for a 100,000-b/d expansion of the Jackpine Mine, but Shell separated the applications in 2009. In 2013, a joint review panel recommended the Jackpine Mine expansion for approval (OGJ Online, July 10, 2013).
Translation: Too expensive to extract at this time. They need much higher oil price to make it financial viable.
Fairly long term project. They started work associated with it at least as long ago as 2007. Oil has gone up and down a couple times since then.
Sorry, should have included this from 2007 at the above link.
PROJECT SCHEDULE
Detailed engineering and procurement of long-lead-time items will begin when regulatory and financial approvals have been received. Construction of the facilities required to gain access to the Pierre River Mine area could begin in 2010. Start-up of the first ore process train is planned for around 2018.
Opportunities for integration and optimization with existing facilities will be pursued throughout the remainder of the project life.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.