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The era of megaprojects in Canada’s oilsands 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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“The years of large, multibillion-dollar projects are probably gone,” Alister Cowan, chief financial officer of Suncor, said Tuesday at the CAPP Scotiabank Investment Symposium in Toronto. Fort Hills, the $13-billion project being pursued by Suncor and Teck Resources Ltd., will probably be the last oilsands mine built for many years, he said. “We’re more likely into smaller, more modular-type projects.”

Energy companies have shelved megaprojects globally as they cut spending to survive a crude slump that’s approaching two years. Oil is down more than 60 per cent from its mid-2014 peak. While a rebound is expected, there’s a growing contingent of executives and analysts who believe abundant supplies globally will prevent prices from staying near their previous highs.