Statoil and PTTEP complete agreement to divide Canadian oilsands interests

Statoil and PTT Exploration and Production have completed an agreement to divide their respective interests in the Kai Kos Dehseh (KKD) oil sands project in northeast Alberta, Canada.

Following the satisfaction of all conditions precedent and the closing of this transaction, Statoil now owns 100% and continues as operator of the Leismer and Corner development projects with PTTEP owning and operating 100% of the Thornbury, Hangingstone and South Leismer areas.

At the closing of this transaction, Statoil paid to PTTEP the sum of US$ 200 million plus a working capital adjustment amount of C$ 238 million.

Adapted from a press release by David Bizley

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/29052014/statoil-and-pttep-complete-agreement-to-divide-canadian-oilsands-interests/