Suncor Energy to acquire TotalEnergies' Canadian operations for C$1.47 billion
The Suncor Energy logo is seen at their head office in Calgary
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(Reuters) -Suncor Energy on Wednesday said it would acquire TotalEnergies' Canadian operations for C$1.47 billion ($1.07 billion).
Suncor will buy the 31.23% interest held by TotalEnergies EP Canada in the Fort Hills oil sands mining project to get its total ownership to 100%.
Calgary, Alberta-based Suncor said the acquisition will add 61,000 barrels per day of bitumen production capacity and 675 million barrels of proven and probable reserves to its portfolio.
Suncor had agreed in April to buy Total’s Canadian operations for C$5.5 billion, including Total’s Fort Hills interest and its 50% stake in the Surmont facility. However, ConocoPhillips, which operates Surmont, exercised its right of first refusal to buy Total’s stake instead of Suncor, triggering a review of Suncor’s deal with Total.
($1 = 1.3745 Canadian dollars)
(Reporting by Tanay Dhumal in Bengaluru; Editing by Maju Samuel)
(Reuters) -Suncor Energy on Wednesday said it would acquire TotalEnergies' Canadian operations for C$1.47 billion ($1.07 billion).
Suncor will buy the 31.23% interest held by TotalEnergies EP Canada in the Fort Hills oil sands mining project to get its total ownership to 100%.
Calgary, Alberta-based Suncor said the acquisition will add 61,000 barrels per day of bitumen production capacity and 675 million barrels of proven and probable reserves to its portfolio.
Suncor had agreed in April to buy Total’s Canadian operations for C$5.5 billion, including Total’s Fort Hills interest and its 50% stake in the Surmont facility. However, ConocoPhillips, which operates Surmont, exercised its right of first refusal to buy Total’s stake instead of Suncor, triggering a review of Suncor’s deal with Total.
($1 = 1.3745 Canadian dollars)
(Reporting by Tanay Dhumal in Bengaluru; Editing by Maju Samuel)
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