Statoil has reached an agreement to sell a share of the company’s oil sands project in Alberta, Canada (Kai Kos Dehseh) to Thailand’s PTT Exploration and Production (PTTEP).
40 percent
According to the agreement, PTTEP must pay a total of 2.28 billion US dollars, or 13.7 billion Norwegian crowns for the 40 percent share.
Statoil will retain a 60 percent share and the company will act as lead partner and operator of the project.
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Reduces risk
The transaction will be valid from January 1, 2011.
– This transaction highlights the quality of our resources in Canada and demonstrates our ability to create value as an oil sands operator, said Helge Lund, CEO of Statoil, in a press release.
– The agreement to reduce our share from 100 percent to 60 percent follows other transactions we have recently concluded to optimize the risk and strategy profile of our global portfolio, continues Lund.
Best technology
Canada’s oil sands represent one of the world’s largest oil resources and will play an increasingly important role in global energy supplies, Statoil says.
– Our new partnership will use the best available technology to minimize environmental impact and maximize values in the further development of Kai Kos Dehseh, says Lund.
Statoil acquired Kai Kos Dehseh through the acquisition of North American Oil Sands Corporation in 2007.
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