French energy giant Total says it is writing off $9.3-billion worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers. Total will also write off $2 billion in other oilsands assets, it said, along with $1.07 billion on its liquefied natural gas assets in Australia. "It is disappointing that they would write down Canadian assets, and increase their focus in Africa and Brazil and the Middle East," said CAPP CEO Tim McMillan in an interview. Impairment chargeIn May, Suncor registered an impairment charge of $1.38 billion on its 54.1 per cent share of Fort Hills in view of lower oil price prospects. The same rationale was used in reducing its stake in Fort Hills in 2017.

Source: CBC News July 29, 2020 23:04 UTC