Energy woes
Total energy company writes off $9.3B in oilsands assets
Jul 30, 2020 | 10:24 AM
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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.
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.”
She says while Canadian producers are working to reduce emissions, Total continues to invest in countries such as Myanmar, Nigeria and Russia.
