By: MICHEAL KAUFMAN
Published: Feb 24, 2015 at 7:48 am EST
Royal Dutch Shell plc (ADR) (NYSE:RDS.A) indicated on Monday that it has withdrawn the application to develop Pierre River Oil Sands in northern Alberta. The oil sands mine was first proposed by Shell Canada in 2007.
The Pierre River oil sands are estimated to produce around 200,000 barrels of oil per day. The company had earlier expected to finish the project’s construction by 2010 and production was expected to initiate by 2018. Last year, Shell specified that it had to reassess the development timeline of the project and asked the regulatory authorities to halt the review for the time being.