Greenfire Acquisition completed the acquisition of JACOS from JAPEX.

Greenfire Acquisition, a portfolio of oilsands assets, completed the acquisition of Japan Canada Oil Sands, a producer of oil sands, from Japan Petroleum Exploration, an integrated energy company. Financial terms were not disclosed. The strategic acquisition of JACOS unites the Greenfire Hangingstone asset, held by GAC, with the immediately adjacent Hangingstone Expansion site, which share the same tier one oil sands reservoir. GAC plans to sustainably increase production at Hangingstone Expansion through the site’s existing infrastructure, employing the same safe, efficient, and capital-disciplined operating approach that the company utilized to optimise conditions at the Greenfire Hangingstone asset. Leveraging its deep oil sands expertise, GAC expects these improvements will lead to a material enhancement in profitability and a step change reduction in the site’s carbon intensity per barrel of oil.