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Shell takes US$2b charge to quit oil-sands project

It is halting work at Carmon Creek after deciding the development couldn't compete in its portfolio

Published Wed, Oct 28, 2015 · 09:50 PM
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Calgary

ROYAL Dutch Shell plc made its second major strategic change in as many months, announcing it will take a US$2 billion charge as it shelves an oil-sands project in Alberta after walking away from an Arctic drilling programme.

Shell is halting work on the 80,000 barrel-a-day Carmon Creek drilling development after deciding the project couldn't compete in its portfolio, the company said on Tuesday. The charge will be recorded in third-quarter earnings results, which are due to be released on Thursday.

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