BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

Total agrees sale of Joslyn oil sands project to Canadian Natural Resources for C$225 million

Natural Gas | Oil

Platts Scenario Planning Service

Commodities | Natural Gas | Oil | Refined Products

Brazil Oil and Gas Conference

Natural Gas | Oil | Crude Oil

Petrobras venderá yacimientos de gas y petróleo en Bahía y Espíritu Santo

Total agrees sale of Joslyn oil sands project to Canadian Natural Resources for C$225 million

London — Total and its partners have agreed to sell the Joslyn oil sands mining project in Canada to Canadian Natural Resources for C$225 million, four years after halting the project due to low oil prices.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Total, which has expressed skepticism over the long-term future of oil sands projects due to rising global climate concerns, in 2014 suspended the 100,000 b/d Joslyn oil sands mining project and sold part of its stake in the 180,000 b/d Fort Hills project in northern Alberta to partner Suncor Energy in 2015.

Since 2014, activities on Joslyn have been limited to fulfilling regulatory requirements and ensuring the safety of the site.

"Reducing our exposure to Canada's oil sands 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," Total CEO Patrick Pouyanne said in a statement.

The Joslyn project partners include Total, which operates with a 38.25% stake, Suncor Energy (36.75%), Joslyn Partnership (15%) and Inpex (10%).

Under the sale deal, CNR said it will pay the partners a total consideration of C$100 million cash on closing and annual cash payments of $25 million over each of the next five years.

Total has been present in Canada's upstream since 1999 and holds a 24.58% interest in Fort Hills and a 50% interest in the Surmont project. In 2017, the Group's production in Canada was 59,000 b/d.

The transaction, subject to regulatory approval, is targeted to close September 28.

--Robert Perkins, robert.perkins@spglobal.com

--Edited by Jonathan Loades-Carter, jonathan.carter@spglobal.com