TotalEnergies' headquarters in France. (Source: Shutterstock)
TotalEnergies EP Canada Ltd. is acquiring an additional 6.65% interest in the Fort Hills Energy Ltd. Partnership from Teck Resources Ltd. for C$312 million, TotalEnergies announced in a Jan. 27 press release.
The preemptive transaction brings TotalEnergies EP Canada’s working interest in the Fort Hills project from 24.58% to 31.23% in an effort to invest in long-term growth projects.
“By seizing this opportunity to grow its business under attractive conditions, TotalEnergies EP Canada will deliver value to the future shareholders of the spin-off entity,” said Jean-Pierre Sbraire, CFO of TotalEnergies.
The Fort Hills project is located in the province of Alberta 90 km north of Fort McMurray. Within the same region, the spin-off company holds 50% working interest in the Surmont project.
TotalEnergies EP Canada is a spin-off company of France’s TotalEnergies, who announced in September they plan to exit Canadian operations in 2023 with TotalEnergies EP Canada. The decision will be put to vote in May at TotalEnergies’ annual shareholders’ meeting.
TotalEnergies produces and markets energies—oil and biofuels, natural gas, renewables and electricity—globally.
Recommended Reading
Petrus Appoints Lindsay Hatcher to Executive Position
2023-02-08 - With 15 years of experience in Alberta’s energy sector, Lindsay Hatcher will be vice president of commercial and corporate development at Petrus Resources.
Black Stone Announces Fifth Consecutive Quarterly Increase
2023-02-02 - Black Stone’s cash distribution for third quarter 2022 is a 5% increase from the prior quarter and a 76% increase from fourth quarter 2021.
Canada Pension Plan to Invest in California Oil Venture Alongside IKAV
2023-03-01 - Shell and Exxon's sale reflects the two companies' move out of mature energy properties as high oil and gas prices favor new deals.
Ares Management Raises $5 Billion of Infrastructure Debt Capital
2023-01-11 - Ares' fund targets investments across the digital, utilities, renewables, energy and transportation sectors.
Andros Capital Partners Closes Second Energy Fund at $750 Million
2023-01-26 - Citing the recovery of hydrocarbon demand, Andros Capital will target middle-market private equity, credit transactions between $100 million to $500 million with energy Fund II.