Total and its partners have agreed to sell the Joslyn oil sands project in northern Alberta, Canada to Canadian Natural Resources (CNR) for C$225 million, due to low oil prices.
Following the oil price fall in 2014, the project partners decided to put further development on hold as activities have since been limited to fulfilling regulatory requirements and ensuring the site’s safety.
Chairman and CEO of Total, Patrick Pouyanné, said: “Reducing our exposure to Canada’s oil sands by selling this asset is in line with our global strategy to focus our oil investments on low breakeven resources and develop a resilient portfolio in the mid and long term. It is also consistent with the gradual reduction of our stake in the Fort Hills oil sands project in 2017.”
The Joslyn project partners include Total, which operates with a 38.25% stake, Suncor Energy (36.75%), Joslyn Partnership (15%) and Inpex (10%).