ALBERTA – Calgary-based Suncor Energy and Total E&P Canada have created a strategic alliance that will result in advancing the Fort Hills oil sands project and Voyageur upgrader to production in 2016.
“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 VP 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.”
The deal leaves Suncor a 40.8% interest and gives Total a 39.2% interest in the Fort Hills project north of Fort McMurray. Teck Resources holds the remaining 20%.
The agreement also gives Suncor a 36.75% working interest in the Joslyn joint venture operated by Total. Total holds 38.25%, Occidental Petroleum 15%, and Inpex Canada 10% of that project. Assuming permits are received without undue delays, the Joslyn North mine could being production in 2017 or 2018.
Please see both www.Suncor.com and www.Total-EP-Canada.com.