Energy
ConocoPhillips to exercise pre-emptive right; will buy rest of Surmont project

An ice-covered ConocoPhillips sign at the Colville-Delta 5, or as it’s more commonly known, CD5, drilling site on Alaska’s North Slope is shown on February 9, 2016. THE CANADIAN PRESS/AP, Mark Thiessen
Calgary
ConocoPhillips says it will exercise its right of first refusal and purchase TotalEnergies’ 50 per cent stake in the Surmont oilsands project for $4 billion.
The Houston-based oil company is currently the operator and the 50 per cent owner of the in situ oilsands asset near Fort McMurray, Alta.
In April, Suncor Energy Inc. said it would acquire the other half of Surmont, part of a larger $6.1-billion deal that would also see Suncor acquire French company Total’s stake in the Fort Hills oilsands project.
But ConocoPhillips says it will pre-empt Suncor and purchase the remainder of Surmont for itself.
The company says it expects the deal will add approximately US$600 million of annual free cash flow in 2024, based on a West Texas Intermediate oil price of US$60.
The deal is expected to close in the second half of 2023, with an effective date of April 1, 2023.
This report by The Canadian Press was first published May 26, 2023.
Companies in this story: (TSX:SU)
Daily Caller
‘Not Held Hostage Anymore’: Economist Explains How America Benefits If Trump Gets Oil And Gas Expansion

From the Daily Caller News Foundation
Economist Steve Moore appeared on Fox Business Tuesday to discuss what he called the significance of expanding domestic oil and gas production in the United States.
President Donald Trump’s Executive Order 14154 aims to secure U.S. energy independence and global leadership by awarding 10-year oil and gas leases. During an appearance on “The Bottom Line,” Moore said that if Trump’s energy policies succeed then America will no longer have to rely on foreign oil.
“If Trump goes forward with what he wants to do, and our energy secretary is all in on this, produce as much oil and gas as we can here at home in Texas and North Dakota and Oklahoma and these other states. Then we’re not held hostage anymore to what’s happening in the Middle East,” Moore said. “That’s what’s so frustrating. We have more of this stuff than anybody does.”
WATCH:
Moore then pointed to some of former President Joe Biden’s early decisions, particularly the cancellation of pipelines. Moore said these actions left the U.S. vulnerable to external energy crises.
“I don’t want to overemphasize the Strategic Petroleum Reserve. It’s good that we have this sort of safety knot in case you have some kind of blow up in the Middle East, like we have now. But, ultimately, what Joe Biden did was the most sinister of all,” Moore said. “You guys remember what was the first thing when he became president? He canceled pipelines. He destroyed our energy infrastructure.”
During his first term, Trump signed executive orders to advance major pipelines, including instructing TransCanada to resubmit its application for a cross-border permit for the Keystone XL Pipeline, which is designed to transport oil from the tar sands of Alberta, Canada to refineries on the Gulf Coast. On his first day in office, Biden revoked the permit for the Keystone XL Pipeline, effectively halting its development.
Alberta
Alberta is investing up to $50 million into new technologies to help reduce oil sands mine water

Technology transforming tailings ponds
Alberta’s oil sands produce some of the most responsible energy in the world and have drastically reduced the amount of fresh water used per barrel. Yet, for decades, operators have been forced to store most of the water they use on site, leading to billions of litres now contained largely in tailings ponds.
Alberta is investing $50 million from the industry-funded TIER system to help develop new and improved technologies that make cleaning up oil sands mine water safer and more effective. Led by Emissions Reduction Alberta, the new Tailings Technology Challenge will help speed up work to safely reclaim the water in oil sands tailing ponds and eventually return the land for use by future generations.
“Alberta’s government is taking action by funding technologies that make treating oil sands water faster, effective and affordable. We look forward to seeing the innovative solutions that come out of this funding challenge, and once again demonstrate Alberta’s global reputation for sustainable energy development and environmental stewardship.”
“Tailings and mine water management remain among the most significant challenges facing Alberta’s energy sector. Through this challenge, we’re demonstrating our commitment to funding solutions that make water treatment and tailings remediation more affordable, scalable and effective.”
As in other mines, the oil sands processing creates leftover water called tailings that need to be properly managed. Recently, Alberta’s Oil Sands Mine Water Steering Committee brought together industry, academics and Indigenous leaders to identify the best path forward to safely address mine water and reclaim land.
This new funding competition will support both new and improved technologies to help oil sands companies minimize freshwater use, promote responsible ways to manage mine water and reclaim mine sites. Using technology for better on-site treatment will help improve safety, reduce future clean up costs and environmental risks, and speed up the process of safely addressing mine water and restoring sites so they are ready for future use.
“Innovation has always played an instrumental role in the oil sands and continues to be an area of focus. Oil sands companies are collaborating and investing to advance environmental technologies, including many focused on mine water and tailings management. We’re excited to see this initiative, as announced today, seeking to explore technology development in an area that’s important to all Albertans.”
Quick facts
- All mines produce tailings. In the oil sands, tailings describe a mixture of water, sand, clay and residual bitumen that are the byproduct of the oil extraction process.
- From 2013 to 2023, oil sands mine operations reduced the amount of fresh water used per barrel by 28 per cent. Recycled water use increased by 51 per cent over that same period.
- The Tailings Technology Challenge is open to oil sands operators and technology providers until Sept. 24.
- The Tailings Technology Challenge will invest in scale-up, pilot, demonstration and first-of-kind commercial technologies and solutions to reduce and manage fluid tailings and the treatment of oil sands mine water.
- Eligible technologies include both engineered and natural solutions that treat tailings to improve water quality and mine process water.
- Successful applicants can receive up to $15 million per project, with a minimum funding request of $1 million.
- Oil sands operators are responsible for site management and reclamation, while ongoing research continues to inform and refine best practices to support effective policy and regulatory outcomes.
Related information
-
Health2 days ago
Last day and last chance to win this dream home! Support the 2025 Red Deer Hospital Lottery before midnight!
-
conflict2 days ago
“Evacuate”: Netanyahu Warns Tehran as Israel Expands Strikes on Iran’s Military Command
-
Aristotle Foundation2 days ago
The Canadian Medical Association’s inexplicable stance on pediatric gender medicine
-
Energy2 days ago
Could the G7 Summit in Alberta be a historic moment for Canadian energy?
-
Bruce Dowbiggin2 days ago
WOKE NBA Stars Seems Natural For CDN Advertisers. Why Won’t They Bite?
-
Crime2 days ago
Minnesota shooter arrested after 48-hour manhunt
-
Uncategorized2 days ago
Kananaskis G7 meeting the right setting for U.S. and Canada to reassert energy ties
-
Business2 days ago
Carney’s Honeymoon Phase Enters a ‘Make-or-Break’ Week