Oil-Sands Megaprojects are Finished on Grim Price Outlook

(Bloomberg) -- The era of megaprojects in Canada’s oil sands is probably over as crude is seen staying lower for longer, some of the biggest developers said.

Producers that envisioned multibillion-dollar expansions when oil was over $100 a barrel are now opting for bite-sized additions after a price crash shook the energy industry. While some production growth is still expected in a market rebound as companies cut costs with new technology, massive developments are on hold, according to executives from Suncor Energy Inc., Cenovus Energy Inc. and Meg Energy Corp.

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