Statoil Completes Sale of Entire Oil Sands Operations in Alberta, Canada

Statoil has completed the sale of its entire oil sands operations in the Canadian province of Alberta to Athabasca Oil Corporation.

The divestment includes the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production.

As part of the deal, Statoil has received $329 million (CAD 431 million) in cash, plus 100 million common shares in Athabasca - representing just below 20 percent of the equity in the company.

Up to a further $191 million (CAD 250 million) of contingent payments will be paid out over the next four years, depending on production levels and the prevailing oil price, Statoil said.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Statoil Receives Consent to Drill Well... (Apr 21)
 -  OGA Urging Industry to Increase Pace o... (Apr 21)
 -  KBR, PT Singgar to Provide Staff for E... (Apr 20)
 -  Contest Launched Among Street Art Pain... (Apr 20)
 -  Wind Powered Oil Recovery Project Comp... (Apr 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Consultant-Power/New Energy (Americas)
Expertise: Business Development
Location: New Jersey, NJ
 
Chief Financial Officer
Expertise: Accounting|Executive|Financial Audit
Location: Houston, TX
 
Sr Asset Analyst
Expertise: Accounting|Asset Management
Location: Dallas, TX
 
search for more jobs

Brent Crude Oil : $52.99/BBL 0.11%
Light Crude Oil : $50.27/BBL 0.33%
Natural Gas : $3.16/MMBtu 0.94%
Updated in last 24 hours