TotalEnergies EP Canada acquires more interest in Fort Hills

In the context of its future spin-off, TotalEnergies EP Canada Ltd announces that it has exercised its preemption right to acquire an additional 6.65% interest in the Fort Hills Energy Limited Partnership and associated sales and logistics agreements from Teck Resources Limited, for a consideration of 312 million Canadian Dollars.

Fort Hills is located 90 kilometers North of Fort McMurray in the Province of Alberta. Prior to the transaction, TotalEnergies EP Canada held a working interest of 24.58% in the Fort Hills project, and after the transaction it will hold 31.23%. TotalEnergies EP Canada also holds a 50% working interest in the Surmont project located in the region.

Related Posts

• 
  Big Oil: Good Times Set to Roll on after Record 2022 Profits
• 
  Evaluating Palmeron’s blues in the OML 130 drilling campaign tender
• 
  PE Energy Group Commissions Nigeria's First HIPPS Recertification Facility
• 
  Qatar in Talks to Join Totalenergies’ $27bn Iraqi Energy Project
• 
  TotalEnergies Doubles Profits in its Best Year Ever
• 
  TotalEnergies Mobilizes to Explore Lebanon’s Block 9 in 2023

In line with its low-carbon strategy, TotalEnergies announced in September 2022 its intention to exit Canadian oil sands by spinning off TotalEnergies EP Canada in 2023. Through the acquisition of an additional interest in Fort Hills, TotalEnergies EP Canada is building the future for the spin-off entity in an asset with long-term growth potential.

The spin-off is planned to be submitted to vote at TotalEnergies’ annual Shareholders’ Meeting in May 2023.

“By seizing this opportunity to grow its business under attractive conditions, TotalEnergies EP Canada will deliver value to the future shareholders of the spin-off entity”, said Jean-Pierre Sbraire, CFO of TotalEnergies.