Statoil postpones Corner oil sands project

Statoil has decided to postpone its previously planned Corner field development at the Kai Kos Dehseh oil sands project in Alberta, Canada, for at least three years, and will cut about 70 jobs at its Canadian unit because of rising costs and limited pipeline space.

Corner would have been the second major development at Statoil's Kai Kos Dehseh property in northern Alberta. Statoil noted that the company decided to delay construction of the project because inflation was pushing up the cost of labor and materials, while tightness in pipeline space to the US market was pushing down the price of its oil.

Earlier this year, Statoil divided its oil sands leases with PTTEP, in which Statoil would have 100% ownership of the Leismer and Corner projects, while PTTEP took 100% ownership of the Thornbury, Hangingstone, and South Leismer areas.

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