Suncor Energy Inc.

Suncor Energy Inc. in its takeover of day-to-day operations at Syncrude oil sands mining joint venture

Client

Suncor Energy Inc.

Value

-

Date Closed

Industry

Energy (Oil & Gas)

Lead Office

Calgary

 

On November 23, 2020 Suncor Energy Inc. (through 2 Affiliates), together with the other Syncrude joint venture owners: Imperial Oil Resources Limited, CNOOC Oil Sands Canada, and Sinopec Oil Sands Partnership, have agreed in principle for another Suncor Affiliate to take over the day-to-day operations of the Syncrude project by the end of 2021. Suncor holds a 58.74% majority in the Syncrude joint venture. This agreement will result in approximately $300 million in savings per year and reduce Syncrude’s operating costs to US $23 per barrel.

Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta. Suncor's operations include oil sands development and upgrading, offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand.

Osler, Hoskin & Harcourt LLP acted for Suncor Energy Inc., with a team led by Janice Buckingham (Energy) and Frank Turner (Corporate) and included Carson Wetter (Energy), Storme Mckop (Corporate), Edward Rowe, Kaitlin Gray (Taxation), Peter Glossop (Competition/Antitrust & Foreign Investment), Brian Thiessen, Rachel St. John, Shaun Parker (Employment & Privacy), Simon Hodgett (Technology), Paul Litner, Jon Marin (Pension & Benefits), Martin Ignasiak (Regulatory) and Colin Feasby (Litigation).