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Another oilsands project strains its budget |
| Home | (CBC News) - Canadian Natural Resources has become the latest Alberta's oilsands player to warn of rising development costs. The Calgary-based energy giant said construction costs for the first phase of its Horizon oilsands project could exceed the original $6.8-billion cost by between $340 million and $816 million. "We remain on schedule despite heavier than normal snowfall over the 2006-2007 winter season, which resulted in a below-forecast ramp-up for some contractors along with lower productivity for others," Canadian Natural senior vice-president Real Doucet said in a statement. |