Statoil Canada News

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 Hebron field development offshore Newfoundland and Labrador was sanctioned by operator ExxonMobil and its co-venturers. Located approximately 350 km offshore Newfoundland, the Hebron platform will be a concrete Gravity Based Structure (GBS) in 95 meters water depth. The Hebron field is estimated to produce more than 700 million barrels of oil. The platform is being designed for an oil production rate of 150,000 barrels of oil per day. For Statoil, which holds a 9.7% share in Hebron, this is a significant component in the growth of the company’s Canada East Coast operations.

Husky Energy, Suncor Energy and Statoil Canada reportedly signed a deal to share an offshore rig, helping support continued activity off the Newfoundland and Labrador coast, according to a recent report from www.vancouversun.com. The three-year agreement will see the major oil and gas producers share use of the Henry Goodrich semi-submersible drilling unit for separate projects. It is the second such rig-sharing deal between the corporations with drilling contractor TransOcean, operator of the ill-fated Macondo rig for BP in this spring's offshore U.S. Gulf of Mexico disaster. The prior agreement led to the drilling of the Ballicatters well on the Grand Banks by Suncor Energy…