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Fort Hills lease substitution agreement

Description

Fort Hills has requested that the Province extend the term of two oil sands leases while re-aligning the provisions of those leases with the Province’s current standard form oil sands lease. In... More ≫

Description

Fort Hills has requested that the Province extend the term of two oil sands leases while re-aligning the provisions of those leases with the Province’s current standard form oil sands lease. In consideration of an undertaking by Fort Hills to either ugprade in Alberta certain Bitumen production or generate certain incremental upgrading capacity in Alberta, and also in consideration of challenges imposed by current economic conditions, the Province has agreed to issue to Fort Hills two new oil sands leases in substitution of the currently held oil sands leases.

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