On 31 August 2018, Total and its partners in the Joslyn oil sands project in Alberta agreed to sell their collective 100% interest in the project to Canadian Natural Resources Limited (CNRL) for a total C$ 225 million (C$ 100 million plus annual payments of C$ 25 million over the next five years). In a statement, Total said that following the oil price fall in 2014, the Joslyn project partners decided to put further development of the project on hold. Since this time the project has been on "care and maintenance" sufficient to fulfil regulatory requirements and ensuring safety of the site". Totals' CEO commented: "Reducing our exposure to Canada's oil sands by selling this asset is in line with our global strategy to focus our oil investments on low breakeven resources......it is also consistent with the gradual reduction of our stake in the Fort Hills oil sands project in 2017." In other oil sands projects in Canada, Total holds a 24.58% interest in Fort Hills and a 50% interest in the Surmont project.CNRL said the Joslyn lease, which is located directly south of the company's current Horizon Oil Sands Mining and Upgrading project adds significant value to the company's already extensive portfolio of high quality, long life and low decline assets.The Joslyn project partners are Total (operator, 38.25%), Suncor Energy Joslyn Partnership (36.75%), Joslyn Partnership (15%) and Inpex Canada Ltd (10%).
On 31 August 2018, Total and its partners in the Joslyn oil sands project in Alberta agreed to sell their collective 100% interest in the project to Canadian Natural Resources Limited (CNRL) for a total C$ 225 million (C$ 100 million plus annual payments of C$ 25 million over the next five years).