Total and Suncor form strategic oil sands alliance
Total and Suncor Energy have announced an asset swap that will align the companies' interests in Canada's Athabasca oil sands. Total will acquire a share in the Fort Hills mining project and the Voyageur upgrader, and Suncor will acquire a stake in the Joslyn project. Total will also pay Suncor US$1,699 million (Cdn$1,751 million), largely related to historical costs incurred on Voyageur. The resulting working interest balance in each of the assets will be weighted 51:49 in ...