ConocoPhillips Seeks JV Partner for Oil Sands Proj.

CALGARY (Dow Jones Newswires), Jan. 16, 2012

ConocoPhillips is seeking a 50/50 joint-venture partner for its oil-sands projects in Western Canada, according to the investment banking firm marketing the assets.

The U.S.'s third-largest energy company is seeking to sell an interest in its Surmont, Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake projects, most of which are undeveloped or, like Surmont, at an early stage of production.

ConocoPhillips says its oil-sands assets are currently producing 12,000 barrels of oil a day, but have a potential peak production of more than 500,000 barrels a day. They are spread over 715,000 acres in northeastern Alberta and have 30 billion barrels of oil in place.

The assets were put up on the website of investment banking firm Scotia Waterous, a division of Scotia Capital, late last week, according to a spokesman for the firm.

Copyright (c) 2012 Dow Jones & Company, Inc.


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