Imperial, ExxonMobil Canada to buy Clyden stake

Imperial Oil Resources and ExxonMobil Canada will acquire the 100% interest held by ConocoPhillips in the 226,000-acre Clyden oil sands leasehold 150 km south of Fort McMurray, Alta., for about $751 million (Can.).

Clyden is in the southern Athabasca area near Imperial’s nonproducing Corner leasehold. It has a bitumen resource amenable to steam-assisted gravity drainage development, the acquiring companies said.

Subject to federal approvals, Imperial Oil, 69.6% of the shares of which are owned by ExxonMobil Corp., will buy a 27.5% interest in the Clyden area. ExxonMobil Canada will buy the remaining 72.5%.

The companies indicated ExxonMobil Canada will seek a partner to keep its share equivalent with that of Imperial Oil.

A ConocoPhillips official described the sale as part of a “rebalancing” of its oil sands holdings.