Suncor tightens grip on Fort Hills oil sands project – Mining.com

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Suncor tightens grip on Fort Hills oil sands project – Mining.com

by ahnationtalk on September 22, 2015325 Views

September 21, 2015

Suncor (TSX:SU), Canada’s largest energy company, boosted its stake in the Fort Hills oil sands project, located Alberta’s Athabasca region, after paying $310 million to partner Total E&P Canada for an additional 10% interest in the venture.

Total E&P Canada, a subsidiary of French firm Total SA, which will retain a 29.2% interest, remaining the second-largest of the three companies involved in the operation.

The third-party, Canada’s Teck Resources (TSX:TCK), keeps a 20% interest in the operation, located 90 km north of Fort McMurray.

Suncor said the transaction — which can be undertaken within its current capital spending plan for 2015 — underscores its confidence in its position within the oil sands industry.

Read More: http://www.mining.com/suncor-becomes-majority-owner-of-fort-hills-oil-sands-project/

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