Suncor Energy increases stake in Syncrude, acquires stake in Fenja Development


Industry Energy Manufacturing Resource Sector energy gas manufacturing oil Oil Sands oilsands Suncor Syncrude

Buying Mocal Energy's 5% interest in the oil sands developer for approximately $920 million.


Syncrude upgrading employees with one of the world’s largest vacuum distillation units in the background. Photo: Syncrude

Under the first agreement, Suncor will buy Mocal Energy’s 5% interest in Syncrude for approximately $920 million.

The transaction will be effective as of Jan.1, 2018, and is expected to close in the first quarter.

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

The second deal will see Suncor acquire a 17.5% interest in the Fenja Development from Faroe Petroleum for approximately $68 million.


The Fenja field is in the Norwegian Sea, about 30 kilometres southwest of the Statoil-operated Njord field


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