CALGARY — The partners in the Fort Hills oilsands project have settled a funding dispute that will see French oil company Total reduce its stake in the development.
Under the agreement, Suncor Energy Inc.’s stake in the project has increased to 53.06 per cent from 50.8 per cent, while Teck Resources Ltd.’s share has increased to 20.89 per cent from 20 per cent.
Suncor (TSX:SU) and Teck (TSX:TECK.B) have also funded an increased share of the project, roughly $300 million and $120 million respectively.
Total’s stake has decreased to 26.05 per cent from 29.2 per cent.
The French company has been reducing oilsands commitments for years and sold a 10 per cent stake in Fort Hills to Suncor in 2015.
Fort Hills expects to reach 90 per cent capacity by the end of this year.
The Canadian Press