The Canadian branch of TotalEnergies has acquired an additional 6.65% interest in the Fort Hills project in the Alberta province. The share was bough from Teck Resources Ltd for C$312m (US$234m).
The transaction will enable TotalEnergies Canada to hold a 31.23% working interest in the Fort Hills Energy Limited Partnership, which would make way for a future spin-off from the parent company Total Energies, which has recently announced its intention to exit Canadian oil sands.
Fort Hills has been producing oil through open-pit mining since January 2018. The project was designed to mine and process 110 million tonnes of oil sand per year, yielding an average of 180,000b/d of bitumen at full production.
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