On October 30, 2013, Suncor announced the commissioning of a long-delayed megaproject –
the 180,000-barrel-per-day Fort Hills oil sands project, which was the first large oil sands project
to be commissioned since soaring costs and project delays hampered Imperial Oil Ltd.’s Kearl
mine. Suncor will act as the developer and operator of Fort Hills and owns 40.8 per cent of the
proposed oil sands mine, while Total E&P Canada Ltd. will own 39.2 per cent and Teck
Resources Ltd. will own 20 per cent.
The largest foreign acquisition in the history of the Canadian oil patch is also significant because
of the new foreign investment guidelines Announced on March 23, 2009, this deal changed the
Canadian oil patch, creating the largest energy producer and largest company in the country.
The all-share deal saw Petro-Canada shareholders receive 1.28 shares of the merged en ] K