Dover oil sands project approval paves way for Athabasca’s $1.32B sale

The Dover oil sands project backed by PetroChina (PTR) and Athabasca Oil (ATHOF) receives approval from Alberta's provincial government, the next-to-last step needed before Athabasca can sell its share of the project to its Chinese partner for C$1.32B ($1.2B).

With the approval in hand, Athabasca needs only a final permit from the government's environment department before exercising a put that allows it to sell its stake to PTR; the final permit typically takes up to a month to issue.

The proposed five-phase Dover project eventually is expected to produce 250K bbl/day using steam-assisted gravity drainage.

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