Suncor Energy acquires additional interest in Syncrude and interest in Norways Fenja field NYSE:SU
All financial figures are in Canadian dollars, unless otherwise noted
CALGARY, Alberta, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Suncor today announced it has reached an agreement to acquire Mocal Energys 5% interest in the Syncrude joint venture for US$730 million, or approximately Cdn$920 million, subject to closing adjustments. The transaction will be effective as of Jan.1, 2018 and is anticipated to close in the first quarter of 2018.
This transaction reflects our confidence in the long-term future of the oil sands and the high quality and value of the Syncrude asset, adding 17,500 barrels per day of high quality light sweet synthetic crude capacity to our portfolio, said Steve Williams, president and chief executive officer. We will continue to work closely with our joint venture partners and the operator, Syncrude, to accelerate performance improvements and seek regional synergy opportunities.
Through this transaction Suncor's share in the Syncrude joint venture will increase from 53.74% to 58.74%. Subsequent to the successful close of this transaction, the joint venture partners will be Suncor (58.74%), Imperial Oil Resources (25%), Sinopec Oil Sands Partnership (9.03%) and Nexen Oil Sands Partnership (7.23%).
Suncor also announced today an acquisition by its wholly owned subsidiary, Suncor Energy Norge AS, of a 17.5% participating interest in the Fenja Development from Faroe Petroleum for US$54.5 million or approximately Cdn$68 million, subject to closing adjustments. The....