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Wildfire results in $1 billion capital spending deferrals: economist

Fort McMurray, AB, Canada / MIX 103.7
Wildfire results in $1 billion capital spending deferrals: economist

Photo supplied by Alberta Wildfire

The Fort McMurray wildfire will result in $1 billion lost in planned capital spending in the oilsands for 2016.

That’s according to Alberta’s chief energy economist Matt Foss to reporters outside a heavy oil conference in Calgary yesterday.

According to CTV news Foss says he believes the spending is deferred and not cancelled.

Foss says the majority of the spending was for expansions to existing projects.

He says the majority of spending interruptions is on three SAG-D operations, two for Cenovus and one for CNRL’s Krby North project.

He adds the interrupted ability to deploy the workforce and the current rebuild of Fort McMurray has energy companies “hitting the pause button”.

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