-ConocoPhillips will halt deepwater exploration activity by 2017, the company said in a conference call today. Via FuelFix, the company will sell leases it doesn’t intend to drill and will decide later if it wants to develop recent discoveries in the Gulf of Mexico. The move to exit deepwater exploration is expected to free up $800 million in capital and cut exploration costs. ConocoPhillips lost approximately $1.1 billion in the third quarter.
-Meanwhile, Shell decided to scrap its 80,000-barrel-per-day Carmon Creek thermal in situ project in Alberta, Canada, due to low oil prices. Shell said it would retain its Carmon Creek leases and keep some equipment while evaluating options for the site.
-Suncor Energy is planning a six-to-eight-week turnaround at one of its two oil upgraders in Alberta next year, Reuters reports. The two upgraders convert bitumen into synthetic crude, with a combined capacity of 350,000 barrels per day.
