ConocoPhillips will sell all of its Clyden oil sands interest to Imperial Oil and ExxonMobil Canada for approximately $720million (£464million), the company announced today.
Clyden, comprising 226,000 acres of undeveloped land, is located near the southern edge of the Athabasca oil sands and south of Fort McMurray, Alberta.
Between the two Canadian fields ConocoPhillips owns more than 1million acres of land, estimated to contain about 16billion net barrels of resources.
ConocoPhillips expects to record an after-tax gain of approximately £290million from the sale.
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