Statoil recruits PTTEP for its Alberta oil sands project
Statoil has agreed to sell a 40% interest in its oil sands project in Alberta, Canada, to PTT Exploration and Production (PTTEP) of Thailand.
Pursuant to the transaction, PTTEP has agreed to pay a total of $2.2 million for the 40% interest. Statoil will retain 60% ownership and shall act as the managing partner and operator of the project. Production volumes from the partnership will continue to be handled and marketed by Statoil Canada Ltd.
As part of the development of Kai Kos Dehseh, earlier this year, Statoil presented a technology plan aimed at increasing value through enhanced production and reducing carbon emissions and energy use. Future development of the oil sands leases will proceed in a stepwise manner.
Statoil originally entered Kai Kos Dehseh through the acquisition of North American Oil Sands Corp. in 2007. Since then, Statoil has invested to construct project facilities and related infrastructure at the Leismer project. The Leismer project is the first phase of the steam assisted gravity drainage full field development of Kai Kos Dehseh. The project initiated steam injection on September 3, 2010, one month ahead of schedule, and is positioned to move into production phase during the first quarter of 2011.
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