The sales agreement also includes equity in three additional blocks: block 22 (90% working interest) and blocks 1a and 1b (80% working interest). The sale is expected to close on or about the end of the first quarter of 2010 and is subject to customary closing conditions, Trinidad and Tobago government approval, and other regulatory approvals.
As part of its business alignment, Suncor plans to divest a number of non-core assets. The proposed divestments include certain natural gas assets in western Canada and the US Rockies and certain non-core north sea assets, including all assets in the Netherlands.
Canada-based Suncor’s operations include oil sands development and upgrading, conventional and offshore oil and gas production, petroleum refining, and product marketing.
