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.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs