ConocoPhillips to sell Clyden oil sands

Exxon’s Canadian arm will share its 72.5% interest with the Esso owned Imperial in a deal estimated to be worth around $720 million (C$751 million).

The undeveloped land, which comprises 226,000 acres, is located near the southern edge of the Athabasca oil sands and is south of Fort McMurray, Alberta.

The partners will attempt to recover deposits of heavy crude oil and bitumen using a technique called steam assisted gravity drainage as it is too deep to mine via traditonal methods.