Statoil, PTTEP Swap Canadian Oil Sands Assets

MarineLink.com
Thursday, January 30, 2014
The Leismer facility in Alberta, Canada. (Photo: Helge Hansen)

Statoil and the Thai exploration and production company PTTEP have signed an agreement to divide their respective interests in the Kai Kos Dehseh (KKD) oil sands project in Alberta, Canada.


Following the transaction, Statoil will continue as operator and 100% owner for the Leismer and Corner development projects. PTTEP will own 100% of the Thornbury, Hangingstone and South Leismer areas.
 


As part of the transaction, Statoil will make a balancing payment of USD 200 million to PTTEP, in addition to a working capital adjustment from effective date of 1 January 2013. The completion of the transaction is subject to customary regulatory approvals in Canada and is expected to close by the third quarter of 2014.


“Both companies agreed the best way to maximize value of the KKD leases is to divide ownership. This allows each company to develop the assets at their own pace,” says Statoil Canada Ltd. president Ståle Tungesvik.
 


“This transaction allows for PTTEP to adjust its portfolio and the timing of its capital expenditures, based on the current market situation, to achieve optimal investment returns. It is also an opportunity for each party to pursue its own strategic direction,” added PTTEP president and CEO Tevin Vongvanich.
 


Statoil entered Kai Kos Dehseh through the acquisition of North American Oil Sands Corporation in 2007, and in 2011 PTTEP farmed into a 40% interest in KKD, with Statoil remaining as operator.



The Leismer project is the first phase of the SAGD (steam-assisted gravity drainage) full field development of KKD. Leismer is currently in production and has an operating capacity of 20,000 barrels per day. A final investment decision for the Corner project was initially scheduled to be made in the first part of 2014. The parties have agreed to postpone this until the closing of the transaction.

 


 

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

People & Company News

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Finance

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

Intesa Sanpaolo, Vei Capital Invest in RINA

Intesa Sanpaolo, through the Merchant Banking Management of its Corporate and Investment Banking Division, and VEI Capital, investment company of Palladio Finanziaria

Energy

Ex-BP Employee Settles Insider-trading Oil Spill Case

A former 20-year veteran of BP plc who oversaw the company's cleanup efforts from the Deepwater Horizon oil spill will pay more than $224,000 to settle civil charges

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

US 2014 Petroleum Production: Why Hubbert was Wrong

Combined production of crude oil, gas and condensates in the United States is on course to a hit a record this year, passing the previous peak set in 1972. The

News

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

Cargill to Buy 100,000mt of Certified Ivorian Cocoa

U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West

Obama Offers US Aid to S.Korea Following Ferry Accident

U.S. President Barack Obama on Thursday expressed condolences to the families of the victims of the South Korean ferry sinking and said the U.S. military will provide

 
 
Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar 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: 0.1411 sec (7 req/sec)