Capital spending cuts will delay oil sands projects

11/10/2008
Suncor Energy Inc. and Petro-Canada are trimming their capital expenditure budgets and delaying some of the plans for their oil sands production projects next year.After “a thorough review” of financial market conditions, Suncor directors reduced their 2009 capex budget to $6 billion (Can.) from an earlier proposed $10 billion. Of that budget, $3.6 billion, or 60%, is earmarked for the company’s development of its $20.6 billion Voyageur oil sands project.Suncor will scale down investment and construction of its Voyageur upgrader, delaying its completion until 2013 rather than 2012 as earlier planned. The delay means Suncor can finance more of the upgrade project out of c...
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