TotalEnergies has completed the sale of its 50% interest in the Surmont oil sands asset located in northern Alberta (Canada) and associated midstream commitments to ConocoPhillips. The transaction, valued at CAD4bn (about US$3bn) with potential contingent payments of up to CAD440m (about US$330m), has an effective date on 1 April 2023. After adjustments, TotalEnergies received a cash payment of CAD3.7bn (about US$2.75bn) at the closing. ConocoPhillips already held a 50% stake as operator of Surmont and therefore now owns 100% of the asset. These assets were initially expected to be sold to Suncor, but ConocoPhillops exerced its preemption right.
Additionally, TotalEnergies has agreed to sell its shares in its Canadian affiliate TotalEnergies EP Canada, including its 24.58% participation in the Fort Hills oil sands asset and associated midstream commitments, to Suncor for CAD1.47bn (about US$1.1bn). This sale is anticipated to be finalised by the end of 2023. The acquisition adds 61,000 bbl/d of net bitumen production capacity and 675 mbl of proved and probable reserves to Suncor’s existing oil sands portfolio.
In 2022, TotalEnergies produced 101 kboe/d of liquids in Canada (+11% compared to 2021), accounting for about 7% of the group's total liquid output.