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Imperial, Exxon buy ConocoPhillips’ stake in Clyden oilsands for $751 million
CALGARY – Imperial Oil Ltd. (TSX:IMO) and U.S. parent ExxonMobil Corp. are buying an oilsands property from ConocoPhillips for $751 million.
ConocoPhillips’ interest in the Clyden lease, 150 kilometres south of Fort McMurray, Alta., covers more than 91,000 hectares.
The companies would use a method known as steam-assisted gravity drainage, or SAGD, to soften the oilsands bitumen and draw it to the surface.
Initially, Imperial will have a 27.5 per cent interest, and ExxonMobil a 72.5 per cent stake.
However, Imperial said ExxonMobil may bring in another partner to develop the lease, after which it would have a stake equal to Imperial’s.
The deal is subject to Competition Bureau approval.
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