Suncor Energy, Calgary, closed a deal with Teck Resources Ltd., Vancouver, to acquire an additional 14.65% working interest in the Fort Hills project in Alberta’s Athabasca region.
The company had agreed in October 2022 to acquire 21.3% working interest in the project from Teck Resources for consideration of $1 billion, but TotalEnergies EP Canada Ltd. exercised its preemption right to acquire an additional 6.65% interest in the project for $312 million (Can.) (OGJ Online, Jan. 27, 2023).
Suncor’s revised purchase price of $688 million (Can.) is subject to closing adjustments.
Suncor and its affiliate's aggregate share in the Fort Hills project is now 68.76%. Suncor is operator through an operating services contract.
