Conoco Phillips Announces Potential Indefinite Delay

I've been waiting for the shoe to drop on the massive oilsands investments that are underway in Alberta. Under the fiscal regime announced by the Royalty Review I can certainly understand that many oilsands projects will no longer be economic.

Bill "leave it in the damn ground" Hunter has a solution for that of course; cancel the projects.

For Albertans who don't receive such lucrative consulting work as Bill, the pending cancellations could present issues. Like losses of jobs and homes. Not to mention business and personal bankruptcies.

Here's the start of what will be a wave of "indefinite delays"

President Kevin Meyers told Global TV Calgary on Thursday that he has written a letter to Alberta Premier Ed Stelmach warning that such a hike in royalties would cost his company an oilsands project worth C$500 million next year.

He said a further C$8 billion in oilsands projects planned for the next three years would have to be postponed if a government-appointed royalty review panel's recommendations are accepted.

''I want to emphasize that doesn't mean we give up on those projects,'' said Meyers. ''But because of the severance tax, we won't receive an acceptable return so we'll have to get our engineers and our scientists working to reduce our costs.

''Or maybe nature will be kind and oil prices will go up and the projects will be economic again. But what it will result in is an indefinite delay on those projects.''

You read it right. One Project, 8 Billion dollars. Many more projects yet to weigh in.

I take issue with the use of the word "threat" in the above article. It is NOT A THREAT. It is an announcement of WHAT WILL HAPPEN if the Royalty Review Panel's report is implemented. No threat involved. Just transparently advising the Conservatives and Albertans what will happen if they make the wrong choice.

Contact your MLA's immediately and frequently and tell them to stop this madness.