Statoil completes sale of Alberta oil sands

2 Feb 2017   Canada, Tar Sands

Norwegian energy major Statoil said it closed on the sale of its entire oil sands operations in the oil-rich Canadian province of Alberta. Statoil said it completed the sale of its oil sands division to Athabasca Oil Corp. “Statoil has received $329 million in cash, following customary closing adjustments, plus 100 million common shares in Athabasca, representing just below 20 percent of the equity in the company,” the company stated. The cash deal extends to the Leismer thermal oil project in Alberta, which was producing about 24,000 barrels of oil per day when the deal was announced last year. Athabasca said the deal gives it a stronger base of production of around 40,000 barrels of oil equivalent estimated for 2017. Both companies said the project […]

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