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Imperial Oil cuts spending on Arctic gas project
April 5, 2012 / 3:47 PM / 6 years ago

Imperial Oil cuts spending on Arctic gas project

CALGARY, Alberta, April 5 (Reuters) - Imperial Oil Ltd , lead partner in the long-delayed Mackenzie gas pipeline in Canada’s Far North, said on Thursday it has cut spending related to the proposal and closed some offices as efforts to wrest a support deal from Ottawa drag on.

Imperial and its partners have closed offices in Norman Wells and Fort Simpson, Northwest Territories, and reduced the size of its office in Inuvik, N.W.T., company spokesman Jon Harding said.

The C$16.2 billion ($16.3 billion) proposal, which won regulatory approval last year, has been hampered by rising costs and depressed natural gas prices as vast new shale gas supplies have been developed much closer to major markets. Imperial’s chief executive said last month that he did not believe the project’s time had passed, however.

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