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Suncor to sell light-oil properties to Tamarack Valley unit

The Suncor Energy Inc. offices stand in Fort McMurray, Alberta, Canada, on Wednesday, June 19, 2014.

Ben Nelms/Bloomberg

Suncor Energy Inc. agreed Wednesday to sell light-oil properties near Rimbey, Alta., to a unit of Tamarack Valley Energy Ltd. for $168.5-million.

Calgary-based Suncor said the Cardium-focused assets produced an estimated 1,702 barrels of oil equivalent year-to-date. Suncor said the properties no longer fit the company's main oil sands business.

The deal is expected to close in the fourth quarter subject to regulatory approval.

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Suncor has been selling so-called non-core assets as it focuses on wringing bitumen from Alberta's oil sands, where the company is building the $13.5-billion Fort Hills mega-mine. Last year it sold its conventional natural gas business to Qatar Petroleum International and Britain's Centrica PLC in a $1-billion deal.

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About the Author

Jeff Lewis is a reporter specializing in energy coverage for The Globe and Mail’s Report on Business, based in Calgary. Previously, he was a reporter with the Financial Post, writing news and features about Canada’s oil industry. His work has taken him to Norway and the Canadian Arctic. More

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