ConocoPhillips is buying the remaining 50% interest in Surmont oilsands project from TotalEnergies for about $3 billion. Read more
The purchase includes a US$3 billion price tag and as much as US$325 million in contingent payments, Houston-based ConocoPhillips said on May 26. The transaction is expected to close in the second half of the year and will be funded with cash and short- and medium-term financing or a combination of those options.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.
Suncor, one of the largest players in Canada’s oilsands, had agreed in April to buy TotalEnergies’ assets in the region in a roughly US$4 billion deal.Article content Suncor said on May 26 that both it and TotalEnergies now have the right to terminate their agreement because of ConocoPhillips’ decision and that it will be “assessing the transaction in light of this change.”
For Suncor, the Surmont site wasn’t an essential part of the deal with Total, which also included a 31 per cent stake in the Fort Hills project and was focused on ensuring supplies for its Base Plant upgrader when other production streams run out as early as the next decade, Skolnick said.
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