Seeking Alpha

Statoil raises exposure to Canadian oil sands with Thai deal

  • Statoil (STO +0.4%) is raising its exposure to the extraction of oil from Canadian sands, paying ~$435M, ($200M fixed and additional $235M from working capital adjustment) to take full control of some assets it had previously shared with Thai energy firm PTTEP.
  • STO says the two firms will divide their interests in the 1,100 sq. km Kai Kos Dehseh oil sands project in Alberta, which could produce 200K bbl/day once fully developed; STO will get two licenses covering the most developed parts of the project, while PTEEP will take three others.
  • Also, STO has resumed production at the Statfjord C platform in the North Sea after an oil leak shut activities at the installation over the weekend.
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