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Statoil Completes the Sale of its Oil Sands Business

Source: www.gulfoilandgas.com 1/31/2017, Location: North America

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Statoil and Athabasca Oil Corporation have completed their previously announced transaction, whereby Statoil has sold its entire oil sands operations in the Canadian province of Alberta to Athabasca. The divestment includes the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismerís production.

Statoil has received CAD 431 million in cash (following customary closing adjustments) plus 100 million common shares in Athabasca, representing just below 20% of the equity in the company. Statoilís 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.

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