Oilsands Megaproject construction to be phased out

Megaprojects in Canada’s oilsands which have been so dominate over the last economic boom are now likely a thing of the past, according to the CFO of Suncor.

“The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Plans for multi-billion dollar expansions have been replaced by small additions, he added, saying, “We’re more likely into smaller, more modular-type projects.”

Suncor is looking to lower capital spending and operating costs in the oil sands by as much as 30%.

(Written by: N. Reitmayer; Original information source: Calgary Herald http://calgaryherald.com/business/energy/days-of-oilsands-megaprojects-are-probably-gone-say-top-executives)