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TotalEnergies completes the sale of its Canadian oil sands assets to Suncor

The French oil and gas company TotalEnergies has completed the sale to the Canadian group Suncor of the entirety of the shares of TotalEnergies EP Canada, comprising notably its participation in the Fort Hills oil sands asset and associated midstream commitments in Canada. The consideration for the transaction is set at CAD1.47bn (US$1.1bn). The acquisition adds 61 kb/d of net bitumen production capacity and 675 mbbl of proved and probable reserves to Suncor’s existing oil sands portfolio.

In early October 2023, TotalEnergies had already completed the sale of its 50% participation in Surmont oil sands and associated midstream commitments to ConocoPhillips and had received a cash payment of CAD3.7bn (about US$2.75bn). The sales are part of the French company’s plan to exit the Canadian oil sands business by divesting its upstream and midstream assets. 

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.