CNRL buys Joslyn lease from French oil major Total
Canadian Natural Resources has agreed to purchase the Joslyn oil sands project from French energy major Total for $225 million, to be paid in cash over the next 5 years.
The Joslyn lease is located directly south of Horizon. The company did not disclose development timelines for Joslyn but says the purchase "will allow for more effective lease-line development opportunities" between the two mines.
Total shelved its $11 billion Joslyn project in 2014, after oil prices began free-falling. CNRL expects the deal to close at the end of September.