The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Athabasca Oil Corp fully suspended its Hangingstone oil sands operation to combat low oil prices and uncertainty surrounding coronavirus.
The move comes shortly after Athabasca said in March it would curtail production at Hangingstone by about 50% to maximise corporate funds flow and liquidity.
Calls have been mounting for Canadian producers to cut production in light of rock-bottom domestic oil prices and a lack of demand.
Athabasca’s Hangingstone Project is an oil sands steam-assisted gravity drainage (SAGD) operation near Fort McMurray, with an operating break-even price of about $37.50 a barrel for Western Canadian Select, according to the company’s statement.