Shell shelves plan for tar sands project in face of low oil prices
Withdrawal from the Pierre River project is the latest in a series of blows to industry reliant on high cost production struggling with oil prices at six-year lows
Shell has shelved plans for a major new tar sands mine in Canada, the largest project yet to fall victim to low oil prices.
The company has withdrawn its application for the 200,000-barrel-per-day (bpd) Pierre River project and will instead concentrate on boosting the profitability of its existing 255,000-bpd oil sands operations.