The all-cash deal effective Nov. 1 will boost Suncor’s aggregate share in the oilsands project to more than 75 per cent — the remaining 24.6 per cent is currently held by French energy major TotalEnergies SE which has previously indicated it intends to divest from the troubled oilsands mining project.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Fort Hills has faced operational challenges in recent years, including missed production targets, safety issues and increasing costs at the open-pit truck and shovel mine north of Fort McMurray. Suncor said in release that it has been conducting an in-depth review of the Fort Hills project and has begun a multi-year improvement initiative to optimize production. Over the next three years, Suncor said it expects five per cent lower gross production and increased operating costs per barrel as it makes improvements for the long-term.Article content
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