Suncor Energy Inc. agreed to buy TotalEnergies SE’s stake in the Fort Hills oilsands mine for $1.47 billion. Find out more.
mine for $1.47 billion after an earlier deal to buy the French company’s Canadian assets was thwarted by ConocoPhillips Co.The deal for TotalEnergies’ roughly 31 per cent 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 Oct. 4. 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. For TotalEnergies, the sale speeds its shift to operations with lower costs and helps fund share buybacks. The company is also ramping up investments in reducing its emissions and generating carbon-free energy.
TotalEnergies’ exit marks the latest in a string of divestitures by international oil companies from the oilsands. 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.One recent exception has been ConocoPhillips, which sold some oilsands sites to Cenovus Energy Inc. in 2017, but held onto its Surmont operation.
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