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Flow lines cut across a field at Nexen Energy ULC’s Long Lake oil sands processing facility, east of Fort McMurray, Alta. (Dave Olecko)
Flow lines cut across a field at Nexen Energy ULC’s Long Lake oil sands processing facility, east of Fort McMurray, Alta. (Dave Olecko)

China’s CNOOC casts doubt on future of Long Lake project Add to ...

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China’s CNOOC Ltd. cut its oil sands reserves and booked a billion-dollar charge tied to its Long Lake project last year, the latest setback to befall the troubled operation.

In annual disclosure documents filed Friday, CNOOC attributed the $1.4-billion impairment to weak oil prices and operational changes prompted by a fatal explosion last year and a separate pipeline rupture in 2015.

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