Suncor inks deal with French company that will expand bitumen production capacity | Globalnews.ca

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Suncor inks deal with French company that will expand bitumen production capacity

TotalEnergies EP Canada Ltd. holds a 31.23 per cent working interest in the Fort Hills oilsands project and a 50 per cent working interest in the Surmont in situ asset.The agreement means that Suncor will own 100 per cent of Fort Hills.Surmont is operated by ConocoPhillips Canada which holds the other 50 per cent stake.

TotalEnergies had announced last year it planned to exit the Canadian oilsands by spinning off TotalEnergies EP Canada, but said it decided to sell the operations instead after receiving several unsolicited offers including the one by Suncor. Suncor said the deal will add 135,000 barrels per day of net bitumen production capacity and 2.1 billion barrels of proven and probable reserves to Suncor’s oilsands portfolio.

The Calgary-based company said once the deal closes it intends to increase its quarterly dividend by about 10 per cent.Related News

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