On January 27, 2023, TotalEnergies EP Canada Ltd, a subsidiary of TotalEnergies, announced its decision to exercise its preemption right, acquiring an additional 6.65% stake in Fort Hills Energy Limited Partnership from Teck Resources Limited. The transaction value stands at 312 million Canadian Dollars. Situated 90 kilometers north of Fort McMurray in Alberta, Fort Hills' working interest for TotalEnergies EP Canada will rise from 24.58% to 31.23% post-acquisition. The company also maintains a 50% working interest in the Surmont project in the same region. As part of its low-carbon shift, TotalEnergies declared in September 2022 its plan to depart from Canadian oil sands, intending to spin off TotalEnergies EP Canada in 2023. This acquisition of additional Fort Hills interest is seen as a strategic move for long-term growth in anticipation of the spin-off. The proposal for the spin-off will be presented for voting during TotalEnergies’ annual Shareholders’ Meeting in May 2023. TotalEnergies' CFO, Jean-Pierre Sbraire, emphasized that this acquisition would significantly benefit future shareholders of the spin-off entity. The article did not specify the legal advisors involved.