Steven Ward

Canadian Oil Sands: Why a Larger Syncrude Holding Makes Sense

COS paid Talisman 400 plus million for Talisman's 1.25 percent interest in Syncrude so 3 billion might be a slight bargain for COS.

Doubt if a foreign buyer will appear due to the lack of pipeline capacity flowing to Vancouver.

Nexen and Suncor will probably do a deal with each other on Buzzard in the North Sea so probably no selling their Syncrude assets.
Unless Nexen wants the money for buying Buzzard from Suncor.

Imperial is committed to Kearle and other heavy oil expansion projects so no interest there.

That leaves Murphy Oil. Murphy wants to expand a refinery to an additional 175 to 200 thousand barrels per day.
So that leaves only COS and Murphy as buyers because Suncor and Nexen are like Imperial, already have bitumen projects on the boards.
Two buyers may be enough to heat up the bidding. Maybe just maybe.
Otherwise COS would be in the driver's seat.
One to two bidders that'sit, I think.