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

    YYC TimesBy YYC TimesApril 27, 2023No Comments2 Mins Read

    By Workers

    The Canadian Press

    Posted April 27, 2023 9:22 am

    Up to date 27 April 2023 09:31

    French firm TotalEnergies says it has signed an settlement to promote its Canadian operations to Suncor Power Inc. to be offered in a deal value as much as $6.1 billion.

    Underneath the settlement, Suncor pays $5.5 billion in money, plus as much as a further $600 million that’s topic to Western Canadian Choose benchmark oil costs and sure manufacturing targets.

    “This transaction represents a significant step in securing long-term bitumen provide to our base plant upgraders at a aggressive provide price,” Suncor CEO Wealthy Kruger stated in a press release.

    “These are useful oil sands belongings which are a strategic match for us and add long-term shareholder worth.”

    TotalEnergies EP Canada Ltd. holds a 31.23 p.c working curiosity within the Fort Hills oil sands mission and a 50 p.c working curiosity within the Surmont in situ asset.

    Story continues under commercial

    The deal means Suncor will personal 100% of Fort Hills.


    Click to play video: 'Suncor Energy says it will cut 10 to 15 percent of its workforce over the next 18 months'

    1:49
    Suncor Power says it should reduce 10 to fifteen p.c of its workforce over the following 18 months


    Surmont is operated by ConocoPhillips Canada which holds the opposite 50 p.c stake. Underneath the phrases of the Surmont three way partnership preparations, ConocoPhillips Canada has sure rights of first refusal, together with a proper of first refusal on the 50 p.c Surmont working curiosity.

    TotalEnergies introduced final yr that it deliberate to exit the Canadian oil sands by spinning off TotalEnergies EP Canada, however stated it determined to promote the operations as an alternative after receiving a number of unsolicited presents, together with the one from Suncor.

    Suncor stated the deal will add 135,000 barrels per day of internet bitumen manufacturing capability and a couple of.1 billion barrels of confirmed and possible reserves to Suncor’s oil sands portfolio.

    The Calgary-based firm stated as soon as the deal closes, it goals to extend its quarterly dividend by about 10 per cent.

    Story continues under commercial


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