In a world of collapsing crude prices, no oil sands player is immune.
We've been documenting this domino fall since Petro-Canada's
This is rapidly becoming an oil play where only those with deep pockets and a long-term time horizon will be able to hang tough. Total SA, which has multiple area projects and has been rumored to be sniffing around Nexen lately, is definitely sticking around. I believe StatoilHydro is similarly committed.
Although its upgrader has been downgraded, the Norwegian giant still has a solid upstream foothold via its North American Oil Sands acquisition. First production, via the less environmentally disruptive "in situ" recovery method, is about two years away. By that time, the bitumen ought to be economic to produce. In the meantime, Statoil can wait for industry cost pressures to plunge, and perhaps build a bitumen upgrader somewhere down the road.
In short, patience and staying power pays when it comes to these long-term oil plays.