The permits have not been delineated to the extent necessary to provide an estimate of resources or reserves, and a timeline for development has not been established. After meeting minimum targets on resource evaluation, Suncor can apply to have the permits transferred to leases.
Suncor will consult with stakeholders as development plans progress. The purchase price of the permits is not being disclosed.
Suncor is an integrated energy company headquartered in Calgary, Alberta. Suncor's oil sands business, located near Fort McMurray, Alberta, extracts and upgrades oil sands and markets refinery feedstock and diesel fuel. Its operations throughout Western Canada produce natural gas.
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