Suncor Energy Finalizes Strategic Alliance with Total E&P Canada
Tuesday, March 22, 2011
Suncor Energy Inc. announced today that it had finalized its strategic alliance with Total E&P Canada Ltd. after receiving all required approvals and successfully meeting all other conditions.
"This agreement with Total is an important element of Suncor's plans to accelerate development of its growth portfolio and more than double our oil sands production by 2020", said Kirk Bailey, executive vice-president, Oil Sands Ventures. "Together, we will be able to pool our manpower and capital resources and bring our collective strengths to bear to manage projects using best-in-class operating practices."
Under the terms of this agreement, first announced on December 17, 2010, Suncor acquired a 36.75% working interest in the Total-operated Joslyn joint venture with Total now holding 38.25%, Occidental Petroleum holding 15% and Inpex Canada Ltd. holding 10%. Suncor will also receive approximately $1.75 billion from the transaction.
"This agreement with Total is an important element of Suncor's plans to accelerate development of its growth portfolio and more than double our oil sands production by 2020", said Kirk Bailey, executive vice-president, Oil Sands Ventures. "Together, we will be able to pool our manpower and capital resources and bring our collective strengths to bear to manage projects using best-in-class operating practices."
Under the terms of this agreement, first announced on December 17, 2010, Suncor acquired a 36.75% working interest in the Total-operated Joslyn joint venture with Total now holding 38.25%, Occidental Petroleum holding 15% and Inpex Canada Ltd. holding 10%. Suncor will also receive approximately $1.75 billion from the transaction.
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