Statoil Canada Ltd 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.