Companies Abandon Nearly One Million Hectares Of Alberta Oilsands

"In another sign the bloom is off the boom for the oilsands, the industry has returned almost one million hectares of northern Alberta exploration leases to the province over the past two years — abandoning an area far bigger than P.E.I.

The total area covered by oilsands leases remained constant at about nine million hectares between 2011 and 2014. But it fell to 8.5 million hectares in 2015 and 8.1 million in 2016, following the crash in world oil prices from over US$100 to under $60 per barrel in 2014.

Most of the returned acreage either represents expired or surrendered leases, according to Alberta Energy, which provided the statistics at the request of The Canadian Press."

Dan Healing reports for the Canadian Press July 28, 2017.