┬áTeck Resources’ withdrawal of its application for the major Frontier oil sands mine in Alberta exacerbates uncertainty for the Canadian upstream as the country’s political leaders clash over climate goals and energy development. The announcement Sunday did not change S&P Global Platts Analytics’ outlook for Canadian oil production, given the Brent-equivalent breakeven price of $60-$65/b needed for the project to be economic and the high level of regulatory uncertainty and environmental pushback, said analyst Parker Fawcett. “Unfortunately this withdrawal is the worst type of outcome for the industry on the whole, as it does not provide a clear answer either way, rather more ambiguity and uncertainty,” Fawcett added. Teck CEO Don Lindsay called out the Canadian policy fight in a letter to the federal environment minister Sunday, saying the Frontier project could not go forward […]