ALBERTA – Suncor Energy of Calgary has announced its intention to buy out Murphy Oil Corp’s 5% interest in Syncrude for $937 million. Added to its original interest plus the acquisition of Canadian Oil Sands, Suncor will control 54% of the oil sands producer near Fort McMurray.
With the increased stake in Syncrude plus the Fort Hills and Hebron projects on target for first oil late next year, Suncor says it expects to profitably grow production by over 40% 2015, reaching 800,000 bbl/day in 2019.
The transaction is subject to closing conditions, including regulatory approval under the Competition Act. The transaction is anticipated to close by the end of the second quarter.
The Syncrude website, www.Syncrude.ca, contains detailed information about the operation and the Alberta oil sands.