Suncor Energy Inc. has agreed to acquire Mocal Energy’s 5% interest in the Syncrude oil sands joint venture for $730 million.
The acquisition will increase Suncor’s interest in Syncrude, based in Fort McMurray, Alta., to 58.74%. Other partners are Imperial Oil Resources, 25%; Sinopec Oil Sands Partnership, 9.03%; and Nexen Oil Sands Partnership, 7.23%.
Syncrude produces about 350,000 b/d of crude oil.