Suncor Energy Inc. said Monday it had agreed to boost its stake in the Fort Hills oil-sands project in Alberta to 50.8% by acquiring a 10% stake from project partner Total SA for 310 million Canadian dollars ($235 million).

"This opportunity to acquire an additional interest at a discounted price underscores Suncor's confidence in its position within the oil sands," Suncor Chief Executive Steve Williams said in a statement. "We consider this project to be one of the best opportunities for long-term sustainable growth in the industry today, thanks to the exceptional quality of the resource and our disciplined project execution."

Total's stake in the project will fall to 29.2% as a result of the sale. Teck Resources Ltd. owns a 20% stake in the project, which is expected to start producing oil in the fourth quarter of 2017.

Write to Carolyn King at carolyn.m.king@wsj.com

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(END) Dow Jones Newswires

September 21, 2015 10:15 ET (14:15 GMT)

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