ConocoPhillips has acquired the remaining 50% working interest in the Surmont project from TotalEnergies EP Canada Ltd., enhancing its operational control over a significant oil resource in Alberta.

Information on the Target

The target of this acquisition is ConocoPhillips' Canadian operations, which prominently feature the Surmont project located in the Athabasca region of northeastern Alberta, as well as the Montney unconventional development in British Columbia. Surmont, which utilizes steam-assisted gravity drainage (SAGD) technology, boasts over two billion barrels of commercially recoverable resources. Significant progress was made in 2023 with the achievement of first oil from Surmont’s newly developed Pad 267, marking the first new pad introduced in seven years.

Additionally, the Montney project represents a strategic liquids-rich unconventional development where ConocoPhillips Canada Resources Corp. (CPCRC) has established a significant position. In 2023, the company advanced its initial development efforts, concluding construction of the second phase of its Montney processing facility, which commenced operations in the third quarter of the year.

Industry Overview in Canada

The Canadian oil and gas industry is a significant player in the global energy market, characterized by its vast resources and diverse production capabilities. With substantial reserves of oil sands and shale gas, Canada hol