Suncor Energy (SU) announced that it has agreed to purchase TotalEnergies EP Canada Ltd., which holds a 31.23% working interest in the Fort Hills oil sands mining project for C$1.468B. The acquisition adds 61,000 barrels per day of net bitumen production capacity and 675M barrels of proved and probable reserves to Suncor’s existing oil sands portfolio. Regulatory approvals have been received and, subject to closing, the transaction will have an effective date of April 1, 2023.
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