A sign with the logo of French oil and gas company TotalEnergies is pictured at a petrol station in Nantes, France, June 30, 2022.
REUTERS/Stephane MaheSept 28 (Reuters) - TotalEnergies (TTEF.PA) said on Wednesday it is looking to spin off its Canadian oil sands operations and list them on the Toronto Stock Exchange, as the assets do not fit with the French oil major's low-emissions strategy.
Register now for FREE unlimited access to Reuters.com RegisterCanada's oil sands hold some of the world's largest crude reserves but are more carbon-intensive and costly to produce than many conventional oil projects worldwide.
Total has been trying to exit the region for several years and in 2020 wrote down C$9.3 billion ($6.83 billion) worth of oil sands assets.
TotalEnergies' oil sands assets will generate $1.5 billion of cash flow in 2022, he added.