ConocoPhillips has entered into an agreement to sell its 100% interest in the Clyden oil sands leasehold in Canada to Imperial Oil and ExxonMobil Canada for approximately US$720m (C$751m).
Clyden is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta, and comprises 226,000 net acres (915 km²) of undeveloped land. ConocoPhillips currently holds approximately 1.1 million net acres (about 4,450 km²) of land in the Athabasca Region of northeastern Alberta. The significant bitumen deposits on these lands are estimated to contain approximately 16 billion net barrels of resources, making ConocoPhillips the holder of one of the largest land and resource positions in the region.
Including this transaction, ConocoPhillips has announced expected proceeds of approximately US$13.5bn from the sale of non-strategic assets as part of its 2012-13 asset disposition program. Through 30 June 2013, the company has received US$3.8bn in proceeds from completed sales, with the remainder expected by year-end 2013.