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Total to sell Joslyn interests in Canada
Total, together with its partners, has agreed to sell the Joslyn oil sands project in Alberta, Canada, to Canadian Natural Resources Limited (CNRL) for an overall consideration of C$225mn ($171mn).
Following the oil price fall in 2014, the Joslyn partners decided to put the project’s further development on hold. Activities have since been limited to fulfilling regulatory requirements and ensuring the safety of the site.
‘Reducing our exposure to Canada’s oil sands by selling this asset is in line with our global strategy to focus our oil investments on low break-even resources and develop a resilient portfolio in the mid- and long-term. It is also consistent with the gradual reduction of our stake in the Fort Hills oil sands project in 2017,’ stated Patrick Pouyanné, Chairman and CEO of Total.
The Joslyn project partners are Total (operator, 38.25%), Suncor Energy Joslyn Partnership (36.75%), Joslyn Partnership (15%) and Inpex Canada (10%).
Total has been present in Canada’s upstream sector since 1999. The group holds a 24.58% interest in Fort Hills, and a 50% stake in the Surmont project. The company produced 59,000 b/d of oil from its Canadian operations in 2017.
News Item details
Journal title: Petroleum Review
Countries: Canada -
Subjects: Banking, finance and investment, Exploration and production, Oil sands, Upstream
