Newspaper article The Canadian Press

Canadian Natural Resources Acquires Joslyn Oilsands Project for $225 Million

Newspaper article The Canadian Press

Canadian Natural Resources Acquires Joslyn Oilsands Project for $225 Million

Article excerpt

CNQ acquires Joslyn oilsands project

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CALGARY - Canadian Natural Resources Ltd. has signed a deal to buy the Joslyn oilsands project for $225 million from Total SA and its partners.

Paris-based Total, which is Joslyn's operator, currently owns 38.25 per cent of the project, which is directly south of Canadian Natural's Horizon oilsands operation.

A further 36.75 per cent of Joslyn is owned by Calgary-based Suncor Energy, while the Joslyn Partnership holds 15 per cent and Inpex Canada Ltd. owns 10 per cent.

Suncor, Canada's largest oil and gas producer, bought its stake in Joslyn in 2011 as part of a strategic alliance that included Total's investments in Suncor's Voyageur upgrader and the Fort Hills oilsands project.

Total has been reducing its Canadian oilsands commitments since the collapse in oil prices that began in late 2014. …

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