Canadian Natural Resources To Buy Joslyn Oil Sands Project

Canadian Natural Resources Ltd. (NYSE: CNQ) said Aug. 31 it will acquire full ownership in the Joslyn oil sands project for roughly C$225 million.

The price tag consists of C$100 million cash at closing plus annual cash payments of C$25 million over each of the next five years. The sellers consist of several partners led by operator Total SA (NYSE: TOT).

Total said the Joslyn project partners decided to put its further development on hold following the oil price fall in 2014. Therefore, activities have since been limited to fulfilling regulatory requirements and ensuring the safety of the site.