Total: stake in Canadian deposit cut to 26%
(CercleFinance.com) - Suncor Energy and Teck Resources, two Canadian oil companies, will increase their interest in the Fort Hills joint venture, which extracts oil sands joint venture in the state of Alberta, to the detriment of Total.
Suncor Energy, the operator of Fort Hills will increase its stake from 50.8% to 53.06%, while that of Teck Resources will rise from 20% to 20.89%. Against this, Total E&P Canada's share, which fell from 39.2% to 29.2% in 2015, leading to an impairment, according to the latest reference document, will fall back to 26.05%, both Canadian companies have said.
This new capital distribution follows the settlement of a dispute between the different partners involved regarding the project's development costs.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Suncor Energy, the operator of Fort Hills will increase its stake from 50.8% to 53.06%, while that of Teck Resources will rise from 20% to 20.89%. Against this, Total E&P Canada's share, which fell from 39.2% to 29.2% in 2015, leading to an impairment, according to the latest reference document, will fall back to 26.05%, both Canadian companies have said.
This new capital distribution follows the settlement of a dispute between the different partners involved regarding the project's development costs.
Copyright (c) 2018 CercleFinance.com. All rights reserved.