Suncor Energy acquires additional Syncrude interest for US$730M

On February 23, 2018, Suncor Energy Inc. (Suncor), through its affiliate Suncor Energy Ventures Partnership, completed the acquisition of a 5-per-cent participating interest in the Syncrude oilsands project from Mocal Energy Limited (Mocal), a wholly owned subsidiary of JX Nippon Oil & Gas Exploration Corporation (JX), for a purchase price of US$730 million. As a result of the transaction, Suncor, which is Canada’s largest integrated oil company, increased its ownership stake in the Syncrude oil sands project from 53.74 per cent to 58.74 per cent.  

Suncor’s in-house legal team on the transaction was comprised of Jacquie Moore, Shawn Poirier and Ryan McCay. Suncor was represented by Blake, Cassels & Graydon LLP with a team that included Peter Keohane, Keith Byblow, Ky Kvisle and Justin McCrae (energy and M&A), Robert Kopstein and Dan Jankovic (tax) and James Desjardins (banking and finance).  

Norton Rose Fulbright Canada LLP advised Mocal and JX with a team that included Robert Froehlich, Rujuta Patel, Crae Garrett, Wayne Fedun, Colleen Abel and Sean Wallace (energy and M&A), Dion Legge (tax) and Matthew Longstaff (banking and finance).