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TotalEnergies completes sale of upstream Canadian assets to Suncor

Published by , Deputy Editor
Oilfield Technology,

TotalEnergies has completed the sale of the entirety of the shares of TotalEnergies EP Canada Ltd. to Suncor, comprising its participation in the Fort Hills oil sands asset and associated midstream commitments. The consideration for the transaction is CAN$1.47 billion (about US$1.1 billion), with an effective date on 01 April 2023. Including adjustments, TotalEnergies received a cash payment at closing of CAN$1.83 billion (about US$1.3 billion).

On 04 October, TotalEnergies had already completed the sale of its 50% participation in Surmont and associated midstream commitments to ConocoPhillips and had received a cash payment of CAN$3.7 billion (about US$2.75 billion), with future contingent payments of up to CAN$440 million (about US$330 million).

“With these two divestments over the last couple of months, TotalEnergies effectively exits the Canadian oil sands, focusing our allocation of capital to oil and gas assets with low breakeven. The company has hence received more than US$4 billion from these sales during the fourth quarter 2023, out of which, as previously announced, US$1.5 billion will be shared with shareholders as buybacks in 2023,” said Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.

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Canada upstream news Oil & gas news