U.S. report shows major reserve writedown for Canadian oilsands

The Suncor Firebag oil sands facility is seen near Fort McMurray, Alta., on July 10, 2012. (Jeff McIntosh / THE CANADIAN PRESS)

By The Canadian Press, June 12, 2017 

CALGARY – The U.S. Energy Information Administration has highlighted how last year’s oil price drop brought on a massive writedown of high-cost Canadian oilsands reserves.

The EIA said in a brief Monday that data from 68 U.S.-listed companies shows their oilsands reserves dropped by a total of about 7.7 billion barrels, making up the vast majority of their 8.2-billion net reduction in commercially viable barrels globally.

The writedowns came after the West Texas Intermediate oil price averaged US$43.44 per barrel in 2016, down 11 per cent from US$48.83 per barrel in 2015.

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