Total:Sells 10% Stake In Northern Lights Project To Sinopec
April 01 2009 - 12:03PM
Dow Jones News
French oil major Total SA (TOT) said Wednesday its wholly-owned
subsidiary Total E&P Canada Ltd. has sold a 10% interest in the
Northern Lights Partnership, or NLP, to SinoCanada Petroleum
Corporation, a subsidiary of China Petroleum & Chemical
Corporation, or 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 nontraditional oil fields
to provide important long term production capacities, the company
said.
Company Web site: www.total.com