Exodus From Canada’s Oil Sands Continues as Energy Giants Shed Assets

As reported by Nicholas Kusnetz, at Inside Climate News:

When ConocoPhillips signed a $13.3 billion deal last month to shed many of its Canadian assets, it became the latest in a growing list of foreign firms to sell tar sands holdings to a Canadian company.

A series of recent deals have signaled that multinational energy giants are diverting their money to cheaper and less-polluting resources. But while the message about their investment priorities is clear, the implications for future tar sands production—and climate change—are less so.

All told, five American and European companies have sold nearly $25 billion worth of Canadian oil and gas projects over the past 12 months, the vast majority of them in the tar sands. This week, Reuters reported that Chevron is exploring a sale of its major oil sands stake.

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*Image Credit: Mark Ralston/AFP/Getty Images