Energy Roundup: Total Stalls Oil Sands Project, Exxon's $129 Billion Plan, and More

Total suspends Canadian oil sands pilot project – Coaxing oil out of the Canadian oil sands is getting a bit too expensive for some of the world’s largest energy companies. Totalrecently suspended one of its pilot projects because it did not hit the expected 10,000 barrels of oil a day production mark. Paris-based Total has a 74 percent in the Joselyn permit, which has a production potential of 230,000 barrels a day, and may postpone its investment decision on the project. [Source: Bloomberg]

Exxon CEO: Energy giant will not cut staff, investment — Exxon Mobil, the world’s largest publicly traded oil company, will spend $129 billion on new projects over the next five years and will not cut staff, CEO Rex Tillerson said after the inauguration of the Qatargas 2 liquefied natural gas plant in Qatar. Another Exxon-Qatar natural gas field project has been delayed due to rising building costs. [Source: Chicago Tribune, WSJ]

GE among latest investors in Southwest Windpower — Southwest Windpower, a Flagstaff, Ariz-based company that makes residential turbines, has $10 million more in funding thanks to investments from some big players in the energy industry. GE was among the heavy hitters, which included Altira, Rockport Capital Partners, NGP Energy Technology and Chevron’s CTTV Investments. [Source: Greentech Media]

U.S. will step to the front on climate change issue – President Obama pledged the U.S. will take a leading role on climate change, a break from his predecessor George W. Bush’s stance.  Obama’s speech came days after a new study that shows some 80 percent of Arctic ice may disappear in 30 years, not 90 as scientists had previously estimated, also at Grist. [Source: Grist]

Chrysler to use A123 batteries for electric vehicles — Battery cell supplier A123 Systems will make lithium-ion batteries for Chrysler’s five plug-in hybrid and electric vehicles. That is, of course, if Chrysler manages to stay in business. Watertown, Mass.-based start-up A123 had partnered with GM to develop automotive batteries for its Volt plug-in hybrid, but lost the deal after the automaker decided to go with LG Chem, a more established company. [Source: MIT's technology Review]

First Solar wraps up OptiSolar PV pipeline acquisition — First Solar completed its all-stock $400 million acquisition of OptiSolar’s solar photovoltaic pipeline project. The deal includes the 550-megawatt Topaz solar development project that falls under a power purchase agreement with utility PG&E. [Source: Renewable Energy World]

International trade conducted in energy, not dollars — The Oil Drum had an intriguing guest post by Chris Cook, former director of the International Petroleum Exchange, over the weekend. Cook proposes energy, not dollars should be the commodity used in international trade. [Source: The Oil Drum]