Canada’s oil sands hold some of the world’s largest but most carbon-intensive crude reserves.
The sale expands Suncor’s majority interest in the Alberta-based project to 75.4%.
French energy major TotalEnergies SE, which holds the remaining 24.6% interest, said in September it plans to sell off its Canadian oil sands assets as they are not in line with its climate strategy.
Fort Hills is an open-pit truck and shovel mine, where raw oil sands bitumen is extracted and then upgraded. The project has struggled with operational challenges, delaying production and raising costs.
Canadian energy major Suncor said over the next three years, it expects 5% lower gross production and higher operating costs per barrel at the project due its long-term improvement plans for the project.
“While the Fort Hills mine has faced challenges in the early years of the mine life, including challenges due to government directed production shut…
