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Canadian oil and gas projects worth a total of $59-billion may be deferred during the next three years as the “collapse” in capital investment in the global oil industry echoes the dark days of 2009 and 1999.

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Wonder how long the oil price war can last? — well, take

at how much onshore drilling (Saudi Arabia) costs compared to Canada’s oilsands





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West Texas Intermediate benchmark has lost nearly half its value to reach US$53 per barrel within six months, while global benchmark Brent crude has slid to below US$58 from its year-to-date high of US$115.

As many as 16 oilsands’ project phases that have not yet received corporate sanctioning may be deferred if current oil prices persist, according to Mark Oberstoetter, Calgary-based lead analyst of upstream research at Wood Mackenzie.

The energy consultancy expects $12-billion worth of projects in the Canadian oil and gas sector to be deferred this year, $20-billion in 2016 and $27-billion in 2017, if oil prices remain at their current levels.