TotalEnergies sale of Surmont oil sands project
Torys acted as counsel to TotalEnergies in the C$4.03 billion sale of its interest and associated midstream commitments in the Surmont oil sands project located in northeastern Alberta to ConocoPhillips.
On October 4, 2023, TotalEnergies EP Canada Ltd. (“Total E&P”), a subsidiary of TotalEnergies SE (“TotalEnergies”), finalized the sale of its 50% interest in the Surmont oil sands asset and associated midstream commitments to ConocoPhillips for approximately C$3.7 billion cash (after closing adjustments), as well as future contingent payments of up to approximately C$440 million.
The transaction is effective as of April 1, 2023.
Further information can be found on TotalEnergies’ website, as well as businesswire.com.
Following the sale to ConocoPhillips, on November 20, 2023, TotalEnergies announced that it completed its sale of Total E&P to Suncor Energy Inc., including Total E&P’s working interest in the Fort Hills oil sands project and associated midstream commitments.
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity.
ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio.
The Torys team was led by Derek Flaman and that included Amy Maginley and Carleigh Kennedy (corporate/M&A), Omar Wakil and Ian Li (competition), Andrew Gray (structuring advice) and Craig Maurice (tax).
Torys also acted on the following in connection with this project:
| Jurisdiction | Athabasca region |
| Province/State | Alberta |
| Country | Canada |
| Nature of Engagement | M&A |
| Client | TotalEnergies |
| Client Role | Seller |
| Value | $4,030,000,000 CAD |