Total Sells Stake in Canada's Northern Lights Project to Sinopec
Total E&P Canada Ltd. ("Total Canada"), a wholly-owned subsidiary of Total S.A., has sold a 10% interest in the Northern Lights Partnership (NLP) to SinoCanada Petroleum Corporation ("SinoCanada"), a subsidiary of China Petroleum & Chemical Corporation (Sinopec).
As a consequence of the transaction announced today, NLP will be owned by Total Canada and SinoCanada, with 50% each. SinoCanada acquired in May 2005 a 40% interest in NLP from Synenco Energy Inc.. Total Canada acquired the remaining 60% interest when it purchased Synenco Energy Inc. in 2008.
The Northern Lights Oil Sands Project is located approximately 100 kilometers northeast of Fort McMurray, Alberta. Total is studying the development scheme of the NLP that will be developed through mining techniques, benefitting from the experience of the other developments that the Group is involved with in the area. Total is strongly committed to this project, which is in line with the Group's strategy of developing non-traditional oil fields to provide important long term production capacities.
"Total is pleased to expand its cooperation with Sinopec. This change to the Northern Lights Partnership will be an opportunity to engage in closer efforts with Sinopec to develop the oil sands resources that will be necessary to help fulfill energy needs for the next decades, and to establish access to markets in North America and Asia," said Yves-Louis Darricarrere, President, Total Exploration & Production.
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