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Suncor Energy raised interest in the Syncrude joint venture and offshore Fenja Development

Suncor EnergyCanadian integrated energy company Suncor Energy bought an additional 5% interest in the Syncrude joint venture from Mocal Energy. The deal was estimated at 920 million CAD (730 million USD). The transaction will be effective as of January 1st, 2018, and is expected to close in the first quarter.

The acquisition will increase Suncor Energy’s share in Syncrude to 58.74% from 53.74%. The other partners in the joint venture include Imperial Oil Resources with 25%, Sinopec Oil Sands Partnership with 9.03% and the Nexen Oil Sands Partnership with 7.23%.

Suncor Energy says the purchase reflects “confidence in the long-term future of the oil sands and the high quality and value of the Syncrude asset”.

in another deal, the Canadian integrated energy company acquired a 17.5% interest share in the Fenja Development from Faroe Petroleum for approximately 68 million USD. The Fenja field is in the Norwegian Sea, about 16 nautical miles southwest off the Statoil-operated Njord field.

Suncor Energy is a Canadian integrated energy company based in Calgary, Alberta. It specializes in production of synthetic crude from oil sands. Suncor ranks number 134 in the Forbes Global 2000 list.