By Canadian Press

$9.3 BILLION WRITE OFF

More bad news for Alberta’s oilsands

Jul 30, 2020 | 6:08 AM

EDMONTON- French energy giant Total says it is writing off $9.3 billion worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers.

The Paris-based company says it will take writedowns worth $7.3 billion related to its 24.6% ownership in the Fort Hills oilsands mine operated by partner Suncor Energy and its 50% stake in the Surmont thermal oilsands project operated by partner ConocoPhillips.

It will also write off $2 billion in other oilsands assets, along with $800 million U.S. on its liquefied natural gas assets in Australia.

Total says oil reserves with high production costs that are to be produced more than 20 years in the future will be “stranded” given its carbon reduction targets.

Alberta Energy Minister Sonya Savage calls Total’s decision “highly-hypocritical.”

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She says while Canadian producers are working to reduce emissions, Total continues to invest in countries such as Myanmar, Nigeria and Russia.

(The Canadian Press)