ConocoPhillips is selling 226,000 acres of undeveloped land to Exxon Mobil and Imperial Oil for about $720-million.
The all-cash deal is for land known as the Clyden oil sands leasehold, located about 93 kilometres north of Fort McMurray.
Once the deal closes, Exxon will own 72.5% of the land and Imperial will own the rest.
Exxon owns the Kearl oilsands project 75 kilometres north-east of the city.
ConocoPhillips says it’s looking to focus more on its U.S. shale oil and natural gas operations.
Imperial Oil is a Canadian petroleum company that’s 70% controlled by Exxon.
August 8th, 2013
