Canadian Natural Resources buys Joslyn oilsands project for $225M
Total SA's Joslyn project is directly south of CNRL's Horizon project
Canadian Natural Resources Ltd. says it has signed a deal to buy the Joslyn oilsands project from Total SA and its partners for $225 million.
Under the deal, Canadian Natural will pay $100 million in cash on closing the agreement and make annual cash payments of $25 million over the next five years.
The Joslyn project is directly south of Canadian Natural's Horizon project. It was put on hold indefinitely in 2014.
Total has been reducing oilsands commitments in recent years. It holds a 38.25 per cent stake in the Jocelyn project, while Suncor Energy holds 36.75 per cent.
The Joslyn Partnership holds 15 per cent and Inpex Canada Ltd. owns 10 per cent.
The transaction, which subject to regulatory approval, is expected to close on Sept. 28.
- MORE ALBERTA NEWS |Trans Mountain pipeline ruling strikes 'devastating' blow to Canada's global reputation, energy sector warns
- MORE ALBERTA NEWS | ANALYSIS|Don't dig Trans Mountain's grave just yet
- Read more articles byCBC Calgary, like us onFacebookfor updates and subscribe to ourCBC Calgary newsletterfor the day's news at a glance