Total Sells 10 Percent of Fort Hills Project to Suncor

- September 22nd, 2015

Mining Weekly reported that French oil and gas company Total SA sold 10 percent of its planned 180,000 barrel per day Fort Hills project to Suncor Energy (TSX:SU,NYSE:SU) for approximately $230 million.

Mining Weekly reported that French oil and gas company Total SA sold 10 percent of its planned 180,000 barrel per day Fort Hills project to Suncor Energy (TSX:SU,NYSE:SU) for approximately $230 million.
As quoted in the market news:

Total said it had decided to reduce its exposure to Canadian oil sands projects in the context of lower global oil prices. Suncor president and CEO Steve Williams said the deal provides a new opportunity and that his company could absorb further investments in 2015 for Fort Hills within its current budget for the year.
“The opportunity to acquire an additional interest at a discounted price underscores Suncor’s confidence in its position within the oil sands,” said Williams in a statement. “We consider this project to be one of the best opportunities for long-term sustainable growth in the industry today, thanks to the exceptional quality of the resource and our disciplined project execution.”
Oil and gas companies in Alberta, home to vast oil sands deposits and the largest source of US crude oil imports, have laid off thousands of workers in recent months due to slumping global prices.

Click here to read the full Mining Weekly report.

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