Japan Canada Oil Sands Ltd., one of the companies that I very much liked to join and even applied once, I believe, and never received a response(!), completely shut down its operations in northern Alberta! JACOS is considered one of the oldest foreign operators in the province. They have indicated that their efforts does not wroth the current price of crude. Today's price is $41.71 for a barrel and that's the price for a major brand. Oil Sands' price is much lower. They would continue operation once the price goes over $50 per barrel, they added. This does not seem to be happening soon. One of the former colleagues in the last job also worked for them once but then quit and joined Shell later.
He no longer works for that company. I used to exchange e-mails with him and when he left the last e-mail unanswered, I stopped that. In one of the messages he indicated that Shell asked him to go to Houston frequently and he didn't like that! He lost his job long before me and I believe he's still out of work. This post is not about him. So I'm going to stop here but Japanese are always considered the most productive operators and this means their exit is an alarm for the industry which is in deep trouble now. Japanese leaving Oil Sands industry of Alberta is similar to rats leaving an old ship. It implies the ship's sinking!
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| JACOS has an office in Downtown Calgary like any other major energy firm. I'm not sure whether they have staff here now or not. |
(Picture: This cartoon certainly is not a work of art but clearly shows the expression of " rats leaving a sinking ship ". I was told once that only two companies are still active in northern Alberta, one of them being CNRL)
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