Statoil’s oilsand exit finalized
Statoil's Canadian oil sand assets were located in the Athabasca Oil Sands in northeastern Alberta. Map: NormanEinstein, Wikimedia Commons
In December, Statoil announced the sale of its oil sands business. Today, the transaction was completed as Statoil finalized the sale of its entire oil sands operations in the Canadian province of Alberta to Athabasca Oil Corporation.
In December, Statoil announced the sale of its oil sands business. Today, the transaction was completed as Statoil finalized the sale of its entire oil sands operations in the Canadian province of Alberta to Athabasca Oil Corporation.
According to the Statoil website, the divestment includes the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production.
Statoil has received CAD 431 million in cash, plus 100 million common shares in Athabasca, representing just below 20% of the equity in the company. Statoil’s share position will be managed as a financial investment. Up to a further CAD 250 million of contingent payments will be paid out over the next four years, depending on production levels and the prevailing oil price.