Suncor has reached an agreement with TAQA NORTH, a subsidiary of the Abu Dhabi National Energy Company PJSC (TAQA), to sell certain natural gas properties for approximately $285 million with an effective date of April 1, 2010. Current production on these lands is approximately 6,100 barrels of oil equivalent per day.
The sale includes properties known as Bearberry and Ricinus, which are located in west central Alberta, near Sundre.
The sale is expected to close in the latter part of the third quarter and is subject to closing conditions and regulatory approvals typical of transactions of this nature.
As part of its strategic business alignment, Suncor is continuing with plans to divest of a number of non-core assets. Announced sales to date include all oil and gas producing assets in the United States Rockies, some non-core natural gas properties in Western Canada, all assets in the Netherlands and all Trinidad and Tobago assets. Remaining proposed divestments include certain natural gas assets in Western Canada and non-core North Sea assets.
To date, including the sale announced, Suncor has reached agreements to dispose of assets for aggregate consideration of approximately $2.4 billion.
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