According to the company, Synenco’s main asset is a 60% stake in the Northern Lights Project. Synenco is the operator of this project in the Athabasca region, in Alberta, at approximately 100km northeast of Fort Mc Murray.
The latest estimate of contingent resources of the Northern Lights Project published by Synenco is 1.08 billion barrels of bitumen; these resources should be recovered using mining technologies, the company said.
The company also maintained that an application for the mining development of the Northern Lights Project was submitted to the Alberta authorities in mid-2006 and is being reviewed.
This asset is expected to strengthen Total’s portfolio in the Athabasca region comprising principally the Joslyn project. This acquisition is in line with Total’s strategy of expanding its heavy oil operations in the Athabasca region.
