The oilsands is “yesterday’s story,” according to Murray Mullen, the head of the Mullen Group, an oil and gas service company based in southern Alberta. Governments will still collect royalties on oil production and tax revenue from the region, but without the building boom of the last decade, the amount of investment, jobs and economic activity in the region has already fallen sharply. Seetal said the cuts will be made across the entire organization and will also affect Suncor’s ranks of contracted workers, although she was unable to give those numbers. After a decade of unprecedented construction and rapid growth in oil production, the small-town feel is returning to Fort McMurray. Five per cent would equate to 644 positions and 15 per cent would equal 1,933. Spokeswoman Sneh Seetal said CEO Mark Little told employees on a conference call Friday morning the company will aim to reduce total staff by 10 to 15 per cent over the next 18 months, starting with a five per cent cut over the next six months. To keep one of our original signature events this year “Taste of Fort McMurray” has been combined with our “YMM Eats” program. The Suncor Refinery in Edmonton is seen on Tuesday, April 29, 2014. These days, investors don’t have the same appetite for bitumen. Fort McMurray was once the second coming of the Klondike. July 15-31, 2020  |  In-restaurant purchase. (CBC). Now, Bourque-Bouchier says people are once again getting to know their neighbours. Mullen sees natural gas as the future of the oilpatch, because of massive deposits in northeast British Columbia and northwest Alberta. Between 2014 and 2017, oilsands investment fell 45 per cent, according to IHS, and capital spending by companies will drop below $10 billion this year — the first time that has happened since 2004. Please take good care of her for the future of our generation,” said Marie Adam, an elder with the Athabasca Chipewyan First Nation, to the crowd of 400 dignitaries and oilsands workers. If Canada builds liquified natural gas export terminals on the West Coast, Mullen sees another boom in the energy sector like the one that’s come to an end in the oilsands. 9912 Franklin Ave, Fort McMurray, Alberta T9H 2K5 © 2016-2020 Rogers Media. Suncor CEO Steve Williams talks about the oilsands investment climate. This event was a family favourite last year and the committee is happy to bring it back in a COVID-modified format. "It's definitely a new reality for us as a business in terms of the profit margin and the price of doing business," she said. "If we can inject more innovation, you'll see a new generation of projects which could be smaller — I'd say a few hundred million dollars category,” he said. There are a few wildcards that could alter the course of the oilsands. Growth in the oilsands began to slow in the last few years, as the oil price crash forced some companies to delay or cancel new projects. The economy is doing better, people generally feel better, but there's something just not quite right. (CBC). A 5% reduction is expected in the next 6 months. Birn said such innovation “could fundamentally alter the mining process in reducing costs and emissions in the process. Many existing oilsands facilities are still increasing production, and new technology is improving operations. The amount of oil produced from the oilsands will likely continue to grow over the next few decades through smaller projects that are a fraction of the cost of the megaprojects for which Fort McMurray is known. The wells are relatively cheap and quick to drill, so companies don’t wait long to start making money. Shares in Suncor Energy Inc. fell Monday after it reported it will be early September before bitumen production resumes at its base oil sands mining operation in Fort McMurray… Be the first to know! THE CANADIAN PRESS/Jason Franson, {* backButton *} The Fort McMurray Food Festival 2020 presented by Suncor is bringing the fun this summer—in a modified way. (CBC). We will continue to monitor to ensure we are in adherence with all AHS and government guidelines in relation to COVID-19. The number one issue facing the oilsands is a lack of pipeline capacity, said Rob Bedin, an analyst with the RS Energy Group. As for Suncor, 11 individuals have contracted COVID-19 at their Base Plant. The golf course already has COVID-modified protocols in place and the organizers will be making sure our additional fun activities are just as safe. The oilsands produced 2.6 million barrels per day of oil in 2016, a figure that is expected to increase to 4.5 million barrels by 2040, according to the National Energy Board. You have activated your account, please feel free to browse our exclusive contests, videos and content. There was a degree of confidence in the regulatory process, the economics were good, the resource was good and continues to be good,” he said. The mine is the last of several megaprojects completed in recent years, which also includes Canadian Natural Resources’ Horizon and Imperial Oil’s Kearl.

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