Total Halts Joslyn oil sands mine, Alberta

The Globe and Mail reported that France’s Total (NYSE:TOT) has decided to put its $11 billion Joslyn oil sands project on hold. Located in Alberta, the project was becoming not economically viable due to price pressures in the oil and gas industry, according to André Goffart, head of the Canadian division of Total.

As quoted in the publication:

Mr. Goffart stressed that the Joslyn decision is due to the project’s costs, saying its technology and execution plans must improve. Total and its partners will continue to focus “cost optimization” for Joslyn; layoffs are in the works for the French company’s employees in Calgary.

Click here to read the full Globe and Mail article.