TotalEnergies plans to spin off all its Canadian oil sands assets and related midstream and trading businesses
Exodus from Canada’s oil sands continues
Companies are still fleeing the carbon-heavy assets, despite the industry committing to net-zero emissions by 2050 through the Pathways Alliance
TotalEnergies has unveiled plans to spin off its Canadian oil sands assets, and Vancouver-based miner Teck Resources has sold its share of Alberta’s Fort Hills mine to Suncor Energy, the asset’s operator and largest stakeholder, marking two high-profile exits from Canada’s oil sands since the end of September. “This is part of a longer-term trend by upstream oil and gas companies to divest non-core assets and focus more on core ones where they are more heavily positioned and/or believe they have competitive or strategic advantage,” Kevin Birn, vice-president at information provider S&P Global Commodity Insights, tells Petroleum Economist. “Companies such as TotalEnergies have a global po
Also in this section
1 August 2025
A number of companies have filed arbitration claims against Gazprom over non-deliveries of contracted gas or other matters—and won. The next step is to collect the award; this is no easy task but it can be done thanks to an international legal framework under the New York Convention.
1 August 2025
Europe’s refining sector is desperately trying to adapt to a shifting global energy landscape and nowhere is this more apparent than in its largest economy
1 August 2025
The Middle East natural gas playbook is being rewritten. The fuel source offers the region a pathway to a cleaner, sustainable and affordable means of local power, to fasttrack economic development and as a lucrative opportunity to better monetise its energy resources.
31 July 2025
TotalEnergies is an outlier among other majors for remaining committed to low-carbon investments while continuing to replenish and expand its ample oil and gas portfolio, with an appetite for high risk/high return projects.
