Petro-Canada to Retain Oil Sands Properties

Petro-Canada has evaluated the bids received and has determined that it will not divest its interest in the five in situ oil sands properties of Chard, Stony Mountain, Liege, Thornbury and Ipiatik. Petro-Canada's resource ownership in these properties is estimated at 1.7 billion barrels of bitumen.

The sale process attracted considerable attention from North American and international companies; however, the bids received did not meet Petro-Canada's expectations.

"These are high-quality oil sands assets. We put a high value on them, which was not met by the market. We would consider selling these properties in the future - if the price is right," said Neil Camarta, Petro-Canada's Senior Vice-President of Oil Sands.

Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry in Canada and internationally.