(Bloomberg) -- Suncor Energy Inc. agreed to buy TotalEnergies SE’s stake in the Fort Hills oil-sands mine for C$1.47 billion ($1.07 billion) after an earlier deal to buy the French company’s Canadian assets was thwarted by ConocoPhillips. Most Read from BloombergAlmost Anyone Can Become the House Speaker, Except Donald TrumpOnly an Equities Crash Can Rescue the Bond Market, Barclays SaysOzempic Is Making People Buy Less Food, Walmart SaysKey Taiwan Tech Firms Helping Huawei With China Chip Plant
-- Suncor Energy Inc. agreed to buy TotalEnergies SE’s stake in the Fort Hills oil-sands mine for C$1.47 billion after an earlier deal to buy the French company’s Canadian assets was thwarted by ConocoPhillips.The deal for TotalEnergies’ roughly 31% working interest in Fort Hills would add 61,000 barrels a day of bitumen production capacity and 675 million barrels of reserves, Calgary-based Suncor said Wednesday. The deal is expected to close this year.
“They get the bitumen feed that they will need post-2030, when their Base Plant runs out,” Phil Skolnick, an analyst at Eight Capital, said in an interview. TotalEnergies’ exit marks the latest in a string of divestitures by international oil companies from the oil sands. Companies including Shell Plc, BP Plc and Equinor ASA have sold assets in the region to Canadian companies amid an increased focus on cutting emissions.
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Suncor to buy Total's Fort Hills stake in US$1.07 billion deal - BNN BloombergSuncor Energy Inc. agreed to buy TotalEnergies SE’s stake in the Fort Hills oil-sands mine for $1.47 billion (US$1.07 billion) after an earlier deal to buy the French company’s Canadian assets was scuttled by ConocoPhillips.
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Suncor Energy to acquire TotalEnergies’ Canadian operations for $1.47-billionSuncor will buy the 31.23-per-cent interest held by TotalEnergies EP Canada in the Fort Hills oil sands mining project to get its total ownership to 100 per cent
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