Athabasca Sells Stake in Oil Sands Project

WorldEnergyNews.com
Thursday, April 17, 2014
Photo: Brion Energy

Athasbasca Oil Corp said on Thursday it has exercised an option to sell its 40 percent stake in the planned Dover oil sands project to its partner PetroChina Co for C$1.32 billion ($1.20 billion) after the project received final approvals from the government of Alberta.

Athabasca said it would sell its stake in the Brion Energy partnership developing the thermal oil sands project to its Chinese partner under an existing agreement between the two. PetroChina can now build Dover, which could eventually produce as much as 250,000 barrels of oil sands bitumen per day.

"We have today opted to sell our remaining ownership in projects operated by Brion Energy," Sveinung Svarte, Athabasca's chief executive, said in a statement. "We have very much appreciated working with our joint venture partner at Brion Energy over the past four years and wish them every success as they proceed with the Dover development."

Athabasca expects to realize C$1.23 billion from the sale of its stake after closing adjustments. The company expects to use the proceeds to develop its other oil sands and light oil projects in Alberta.

Athabasca shares were up 8 Canadian cents at C$8.15 in Thursday afternoon on the Toronto Stock Exchange.

($1 = 1.0989 Canadian dollars)

(Reporting by Scott Haggett)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Panama Canal Updates Maersk on Expansion

Within the framework of the centennial celebration, the Panama Canal Administrator Jorge L. Quijano received a Maersk Line delegation led by Søren Skou, CEO of Maersk Liner Business,

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

Maritime Security West Conference Underway in Tacoma

On water and in the air, maritime security involves local, state and federal stakeholders The 2014 Maritime Security West conference is underway in Tacoma, Washington.

Finance

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

Lukoil Shipped Canadian Crude from Houston

Russian oil major Lukoil has emerged as one of the first companies to buy Canadian crude re-exported from a U.S. port, shipping one cargo last month to its refinery in Augusta,

Vestas Profit Beats Forecast

Danish wind turbine maker Vestas Wind Systems posted much higher than expected second-quarter earnings and slightly increased its guidance for the full year, signaling

Energy

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

Russia Sanctions Could Slow Norwegian Arctic Exploration

Western sanctions against Russia may slow down exploration for oil and gas on both the Norwegian and Russian side of the Arctic Barents Sea, lobby group Norwegian Oil & Gas told Reuters on Wednesday.

Pipeline Corrosion Shutters Statoil's Troll C Platform

Norway's Statoil shut oil and gas production at its Troll C platform in the North Sea after inspections found corrosion damage on a pipeline, the company said in

News

Panama Canal Updates Maersk on Expansion

Within the framework of the centennial celebration, the Panama Canal Administrator Jorge L. Quijano received a Maersk Line delegation led by Søren Skou, CEO of Maersk Liner Business,

First Two Mooring Boats Launched for Port of Ras Laffan

Nakilat has celebrated the delivery of two 16-meter mooring boats built by shipbuilder Nakilat Damen Shipyards Qatar for towage operator Nakilat Svitzer Wijsmuller.

Refiners Seek Jones Act Workarounds as Crude Export Debate Heats Up

As the first U.S. oil condensate exports head to Asia from the Gulf Coast, crude producers and refiners are exploring ways to get around a century-old law that

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1872 sec (5 req/sec)