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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Kemp Joins PMSA as Vice President

The Pacific Merchant Shipping Association (PMSA) announced the hire of Carl Kemp as a Vice President based in the organization’s Long Beach office.    Kemp brings

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Sill Reinforcements Complete in New Panama Canal Locks

The Panama Canal Authority (ACP) announced that sill reinforcements in the new locks have been completed this week, bringing the Panama Canal Expansion closer to inauguration.

Finance

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

COSCO Also Eyes Greek Train Network

China's COSCO already the sole bidder for Greece's Piraeus Port. Buying both would give COSCO a European transhipment hub. China's COSCO is expected to make

Asia-Europe Box Rates Down 8 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 per 20-foot container (TEU) in the week ended on Friday,

Energy

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Total, ENN Ink 10-year LNG Supply Pact

European oil major Total has agreed to supply 500,000 tonnes a year of liquefied natural gas (LNG) for 10 years to China's privately-run ENN Group, Total said on Thursday.

News

Kemp Joins PMSA as Vice President

The Pacific Merchant Shipping Association (PMSA) announced the hire of Carl Kemp as a Vice President based in the organization’s Long Beach office.    Kemp brings

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.1469 sec (7 req/sec)