Scandoil  

Statoil Completes Sale of Oil Sands Business


Published Feb 2, 2017
Statoil - Leismer - Canada
The Leismer facility in Alberta, Canada (photo: Lawrence Sauter)

Statoil and Athabasca Oil Corporation have completed their previously announced transaction, whereby Statoil has sold its entire oil sands operations in the Canadian province of Alberta to Athabasca.

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.

Statoil has received CAD 431 million in cash (following customary closing adjustments) plus 100 million common shares in Athabasca, representing just below 20% of the equity in the company.

Statoil’s share position will be managed as a financial investment. Up to a further CAD 250 million of contingent payments will be paid out over the next four years, depending on production levels and the prevailing oil price.

Tags: Athabasca Oil Corporation, Statoil




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml