Fort McKay F.N., Suncor partner on prospective oil sands lease

Last week the Fort McKay First Nation (FMFN) and Suncor Energy (TSX: SU; NYSE: SU) said they have signed a memorandum of […]
Syncrude (now owned by Suncor) was the first company to mine the oil sands of northern Alberta. Credit: Suncor Energy

Last week the Fort McKay First Nation (FMFN) and Suncor Energy (TSX: SU; NYSE: SU) said they have signed a memorandum of understanding (MOU) on a prospective oil sands lease opportunity on Fort McKay reserves lands in Wood Buffalo, Alta., and Fort McKay Traditional Territory.

Under the MOU, Suncor is undertaking early-stage technical and commercial feasibility studies to determine the quality and quantity of economically recoverable oil sands on Lease 174C, which is on FMFN reserve land.

"With this agreement, we are creating the conditions for sustainable prosperity, growth and health for our Nation for generations to come, while leading the way on protecting our land and water," says Chief Raymond Powder of Fort McKay First Nation. "We will bring our values of stewardship and care to this opportunity. In doing so, we are charting a new path for economic development on our lands."

"We are honoured to be working with Fort McKay First Nation. Through this partnership, Fort McKay First Nation has the opportunity to govern oil sands activity on their land and fully participate and benefit from responsible resource development," says Peter Zebedee, Suncor's EVP for oil sands. "This potential opportunity, which has synergies with Suncor's existing operations, could provide Suncor with bitumen supply optionality post 2040."

Chief Powder added, "Our people of Fort McKay First Nation have diligently worked hard for years as a collaborative and reliable partner. This has resulted in building the Nation for opportunities while securing future growth in our community. This is the true meaning of reconciliation. It puts in our hands the tools we need to bring prosperity and a sustainable future for our people."

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