France's Total finally taps outAs with so many other things that have happened in the Canadian O&G industry, this was also inevtiable and i'm a little surprised it didn't happen a lot sooner. So after a few years of withdrawls and divestiture from almost all the American Ep's including all sovereign fund investment from Sweden & Norway, France's total finally follows suit and decides to rid itself of Canadian oil. China has been also moving away from the Canadian O&G space as investment from them has nearly gone to zero, but albeit for very different reasons alltogether. News in the link below for those interested....
https://www.reuters.com/business/energy/frances-totalenergies-plans-spin-off-canadian-oil-sands-assets-2022-09-28/
Quite interesting how Total is approaching this, to remove themselves completely from this sector, what seems to be in a subtle & quiet way without drawing too much attention or ire from anyone on either side. I'm going to take a wild guess here and say this spinoff will only be a temporary asset on Total's books until they can find a willing buyer at an accpetable price point at the right time.
This developement along with so many others over the past 5 years, does not bode well in the long term for the Canadian O&G industry, especially heavy oil & the Oil sands.
GLTA