Suncor to Buy Total’s Fort Hills Stake in $1.07 Billion Deal
- Purchase would add 675 million barrels to Suncor’s reserves
- Previous attempt to buy Canadian assets scuttled by Conoco
The Suncor Energy headquarters in Calgary, Alberta
Photographer: Gavin Bryan John/BloombergThis article is for subscribers only.
Suncor Energy Inc. agreed to buy TotalEnergies SE’s stake in the Fort Hills oil-sands mine for C$1.47 billion ($1.07 billion) after an earlier deal to buy the French company’s Canadian assets was thwarted by ConocoPhillips.
The deal for TotalEnergies’ roughly 31% working interest in Fort Hills would add 61,000 barrels a day of bitumen production capacity and 675 million barrels of reserves, Calgary-based Suncor said Wednesday. The deal is expected to close this year.