ConocoPhillips to buy out Canadian oil sands project
Canada The USD 3-billion deal includes contingent payments of up to USD 325 million and will see the company take 100% ownership of the project from French energy giant TotalEnergies.
“Today’s announcement reflects our ongoing commitment to enhance our returns-focused value proposition, improving our return on capital employed, lowering our free cash flow breakeven and further supporting our USD 11 billion planned return of capital in 2023,” said Ryan Lance, chairman and CEO of ConocoPhillips.
The project is located around 56 kilometres south of Fort McMurray in the province of Alberta and produced around 138,000 boepd in 2021.
The deal is expected to close in H2 2023 following government approval.
Recent Posts
Seatrium wins yet more FPSO work in Guyana
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore seals $350-million Gulf of Mexico deal
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
ExxonMobil makes deepwater discovery off Angola
ExxonMobil has made a discovery in the Angolan deepwater, the country's energy regulator announced on Monday Read More
TechnipFMC wins Woodside EPCI contract in Australia
TechnipFMC has been awarded an EPCI contract worth up to USD 250 million by Woodside Energy to fabricate and install… Read More
Hungary’s Mol Nyrt launches $1.4-billion polyol plant
Hungarian refiner Mol Nyrt has inaugurated a USD 1 Read More
UAE’s Mubadala Energy makes major gas find off Indonesia
Mubadala Energy has made a major deepwater gas find off Indonesia with a potential of at least 56 Read More