French energy company Total closes $4B deal, fully exiting Canadian oilsands

French company TotalEnergies says it has finalized the sale of its 50 per cent stake in the Surmont oilsands project to U.S. oil company ConocoPhillips in a deal worth up to $4.4 billion.

But ConocoPhillips, the operator and 50 per cent owner of the Surmont project near Fort McMurray, Alta., threw a wrench into those plans by exercising its right of first refusal on the remaining stake.

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