Canadian Manufacturing

ExxonMobil, Imperial buying Alberta oilsands lease for $751M

Parcel of land located in Clyden oilsands lease 150 kilometres south of Fort McMurray, Alta.

CALGARY—Imperial Oil and ExxonMobil Canada have acquired ConocoPhillips’ interest in an oilsands lease in northeastern Alberta for approximately $751-million.

According to the two firms, Imperial Oil Resources will acquire a 27.5 per cent interest in the parcel located in the Clyden oilsands lease, located 150 kilometres south of Fort McMurray, Alta., while ExxonMobil will buy the remaining 72.5 per cent.

“The Clyden oil sands lease is a high-quality addition to Imperial’s portfolio of oil sands in-situ opportunities,” Imperial chairman, president and CEO Rich Kruger said in a statement.

“This acquisition is consistent with Imperial’s strategy to position ourselves for long term business growth.”

The lease is near Imperial’s Corner lease holdings and contains 226,000 gross acres.

ExxonMobil plans to bring in a partner for its portion of the lease, after which it will remain an equal partner with Imperial.

The transaction is subject to federal Competition Bureau review.

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