Total is to acquire UTS Corporation along with its main asset, a 20% interest in Fort Hills Project in Alberta, Canada, for C$1.15bn ($863m).
Total exploration and production president Yves-Louis Darricarrère said that the acquisition of a high-quality asset would allow Total to strengthen and reorganise its asset portfolio in the Canadian oil sands.
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Canada’s Suncor Energy operates the Fort Hills project with a 60% interest, while the remaining 20% is held by Teck Resources.
According to recent estimates, Fort Hills has 3.4 billion barrels of bitumen, which will be extracted through open-pit mining.
The two-phase project is expected to start production by 2015-16 with 160,000bpd expected in the first phase.
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By GlobalData
