In Alberta, oil is king: Its overall economic health is dependent on oil. All Albertans' livelihoods, like it or not, whether you are in retail sales, accounting, home-building, or business, is inherently tied to the oil economy in some way. And, with a barrel of oil below $34 US, the future doesn't look all that rosy lately.
By observing what is happening on the jobs front in Oilsands projects construction for the next year or two, most people who live and work in Alberta can pretty much predict how their own year is going to be like financially.
Here are some of the major work being deferred or cancelled for Alberta Oilsands already announced as of Dec.18/ 2008:
Total Canada has just recently withdrew its application for its Northern Lights Project.
Petro-Canada cut its spending budget by a third even after deferring its $25 billion Fort Hills
Downstream Upgrader Project indefinitely last month; its upstream Mine is under complete review and decision deferred for the latter haf of 2009.
Encana Corp. is cutting its 2009 spending by a quarter.
Suncor Energy is delaying its $20 billion Voyageur expansion.
Nexen/ Opti Canada has deferred its plans to twin its Long Lake Project.
BA Energy has cancelled its Heartland Upgrader Project.
North West Upgrader's plans for its Redwater Plant is on hold.
StatoilHydro's $12.6 billion Upgrader is cancelled.
CNRL has slashed its budget for 2009 in half for its phase 2 expansion of its Horizon Project.
Royal Dutch Shell has delayed its expansion plans for its Athabasca Oil Sands Project.
Husky Energy has cut its budget for 2009 by 28%.
On the brighter side, what will keep us employed in Alberta until we can ride this nasty crisis out:
Imperial Oil's Kearl Lake Mine on track for construction start in 2010.
Shell Scotford's Upgrader 2 Phase 1 expansion is underway and intending to ramp up for 2009.
Epcor/ TransAlta Keephills 3 power project construction is already underway; completion expected by Q1 2011.
Maintenance and Turnarounds for 2009 and 2010 are predicted to be big shutdown years as new projects recently commissioned are coming online.