Total sells interest in Joslyn oilsands project to CNRL

Published by Nicholas Woodroof, Editor
World Pipelines, Friday, 31 August 2018 14:45

Total, together with its partners, has agreed to sell the Joslyn oil sands project in Alberta, Canada, to Canadian Natural Resources Ltd (CNRL) for an overall consideration of CAN$225 million.

Following the oil price fall in 2014, the project partners decided to put further development on hold; activities have since been limited to fulfilling regulatory requirements and ensuring the site’s safety.

Patrick Pouyanné, Chairman and CEO of Total, said: “Reducing our exposure to Canada’s oilsands by selling this asset is in line with our global strategy to focus our oil investments on low breakeven resources and develop a resilient portfolio in the mid and long term. It is also consistent with the gradual reduction of our stake in the Fort Hills oil sands project in 2017.”

The closing of the transaction is subject to authorisation by the Canadian Competition Bureau.

Read the article online at: https://www.worldpipelines.com/project-news/31082018/total-sells-interest-in-joslyn-oilsands-project-to-cnrl/

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