Canada's largest oil company, Suncor Energy Inc has said that it is facing delays in three of its major oil sands projects n the country due to various reasons at a time when most other oil companies are scaling back expansion plans.

Suncor Energy said that its proposed up- gradation at Voyageur is struggling to remain financially feasible, its undeveloped Fort Hills bitumen mine is facing a year's delay and there is no tentative schedule for developing its Joslyn mine. The company is reviewing the three projects after it cut its budget for 2012 by 11 per cent.

"Voyageur economics appear challenged in light of the projected ramp-up in tight oil production in the North American market," Suncor chief executive officer Steve Williams said. He also said that the $11.6-billion upgrade project has been hit by the increasing light oil production in the United States. On the other hand, the other two projects, Fort Hills and Joslyn will become feasible when the oil prices rise to the level of around $90 and $80 a barrel, respectively.

A fall in the price of oil and several metals have been hurting the Canadian economy at a time when it is also facing challenges due to consumers with lot of debt and a cooling property market. Experts say that the country's economy is hugely dependent on its resources and this could impact the prospects for growth in the future.