Statoil raises exposure to Canadian oil sands with Thai deal

|About: Statoil ASA (STO)|By:, SA News Editor

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.