Sold in Canada….Total’s oil sands project that had been closed for the past four years because of low prices.
The French oil giant unloaded the project in Albrta to a Canadian energy company for more than $170 million U.S. dollars. The buyer is Canadian natural Resources Limited.
Before the operation was shut down in 2014, it had a capacity of 100,000 barrels a day. Oil sands is the kind of oil that is to flow through the controversial Keystone XL pipeline from Canada through Montana and South Dakota and into Nebraska.
Canadian Natural Resources Limited holds extensive acreage in Alberta and in the second quarter produced over 710,000 barrels of oil from its North American operations.
Total held a 38.25 percent stake in the project, while other partners included Suncor Energy at
36.75 percent, the Joslyn Partnership at 15 percent and Inpex Canada Ltd at 10 percent.