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.
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 includes 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: