Success! Suncor pulls out of the Stuart Shale Oil Project
Greenpeace has been campaigning to stop the development of shale oil, the most greenhouse intensive of all fossil fuels, since 1998.
This is a major blow to the development of oil shale in Australia. Find out more.
Sydney, Friday 6th April, 2001:
Suncor announced today that it was abandoning the Stuart Oil Shale Project
adjacent to the Great Barrier Reef in Australia.
The Shale Oil Project is the first major fossil fuel development in the
world to be dropped because of its massive greenhouse problem, Greenpeace
said.
The days of fossil fuels are numbered as businesses realise the financial
liabilities associated with greenhouse emissions.
Read the latest
press release
Greenpeace’s campaign against shale oil
Sydney, Thursday, April 5, 2001:
Financial report finds Shale Oil a bad investment
The international financial analyst company, Innovest, has written a
ground-breaking report on the Stuart Oil Shale Project.
Innovest has found that the high levels of greenhouse gases involved
in this project will have a negative impact on the project’s running costs
and profits.
Involvement in the Stuart Project could cost Canadian company Suncor,
10% of its earnings by 2010.
Suncor announced on April 4, 2001 their intention to review its investment
in the Stuart Oil Shale Project. Greenpeace is calling on Suncor to withdraw
from the project immediately. The Innovest report provides Suncor with
solid evidence that oil shale is an unsustainable, problematic investment.
Download the full report as a word
document
Download the full report as a pdf
document