Suncor CEO leaves door open for more oil sands acquisitions
During the company's Annual General Meeting this week, Suncor Energy CEO Steve Williams says he's open to more acquisitions in the oil sands, for the right price. Williams says the recent exodus of oil majors may create some "incredible opportunities" for the company, adding that he expects more international companies to sell their Canadian stakes in the near term.
There is a limited pool of buyers for oil sands assets, now mostly owned by three large companies: Suncor, Canadian Natural Resources and Cenovus.
The CEO confirmed Total, BP and Chevron have expressed interest in selling their stakes in the oil sands. Total owns 29.2% of Suncor's Fort Hills project, but Williams says buying out its partner is not high on his agenda.
The CEO added he does not foresee sanctioning any growth projects for the next few years and is not planning any assets sales in the near term.