CNRL buys Joslyn lease from French oil major Total

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.

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