Canada oil sands projects are biggest losers from low crude price, study says

|By:, SA News Editor

ConocoPhillips (NYSE:COP) and Royal Dutch Shell (RDS.A, RDS.B) are among global oil companies needing crude prices in excess of $150/bbl to turn a profit from Canada’s oil sands, according to a study from a London-based environmental advocacy group.

The projects most at-risk from lower prices are COP's Foster Creek and Shell’s Carmon Creek oil sands developments in Alberta that respectively need $159/bbl and $157/bbl oil to be profitable, Carbon Tracker says.

The joint COP-Total (NYSE:TOT) Surmont oil sands project requires $156/bbl, while Exxon Mobil's (NYSE:XOM) Aspen and Kearl developments in the same part of Canada need $147 and $134 crude, respectively, to make economic sense, the study finds.