The Syncrude joint venture has agreed in principle that Suncor will become the operator of the Syncrude oil sands project in Alberta, Canada, by the end of 2021.
Oil prices fell on Tuesday on concerns that a rise in Covid-19 infections globally will halt oil demand, leaving the increasing supply from August unused.
Rystad Energy has released its annual global energy outlook, which claims that the Covid-19 downturn will expedite peak oil demand.
Global spending is forecasted to reach US$383 billion this year, the lowest level in 15 years and a 29% decrease of US$156 billion compared to 2019.
Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.
The assets include the 108 000 bpd Jackfish oilsands project, which comprises about 88% of the valuation.
Canadian Oil Sands production in 2019 will be almost 230 000 bpd lower than last year, according to ESAI Energy’s recently published North America Watch.
The report says that planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government.