Statoil has signed an agreement to sell its ownership interest of 100 per cent in oil sands projects Kai Kos Dehseh (KKD) in the canadian province of Alberta.
Buying is the Athabasca Oil Corporatio. The sale price is 832 million canadian dollars, well 5,4 billion Norwegian kroner.
the Sum includes a cash payment of 435 million kandiske dollars, approximately 2.8 billion, as well as 147 million dollars to be paid in the form of 100 million ordinary shares in Athabasca.
Statoil postpones Corner project for at least three years
It comes up in a message sent out by the company late on Wednesday night.
Disputed
the Project has been met with criticism from a number of quarters. According to environmental organisations has the recovery from oil sands major negative effects on the environment, health and climate.
A number of environmental organizations, such as Bellona, WWF and Greenpeace – but also the Norwegian politicians – have asked the company to withdraw out of oljesandfeltene.
the Reason is that CO2-emissions by this utvinningsfomen is higher than, for example, on the Norwegian continental shelf, and that production is not sustainable.
In the press release about the sale is justified, however, first and foremost by financial considerations.
oil Sands, also called tar sands, is a mixture of sand, water, and crude oil. It should not be confused with oil shale, which is encased in the rocks.
oil Sands are extracted in open-pit mining, or by means of steam or chemical solvents that can make the oil liquid.
the recovery method is disputed, as it often gives higher CO2 emissions than conventional oil production.
the Emissions of CO2 mainly relate to the heating of water to steam which is used to heat the oil sand under ground.
the Transaction covers the producing Leismer demonstration and it is not undeveloped Corner project, in addition to a variety of contracts related to the Project-production.
After this transaction, Athabasca take over as operator of the Leismer and Corner, and Statoil will no longer be the operator of any oil sands activity.
Statoil’s shareholding, which will constitute nearly 20 per cent of the share capital of Athabasca, will be managed as a financial investment. In addition, up to 250 million canadian dollars will be paid in a series of contingent payments.
Overall, approximately 80 per cent of the remuneration be paid in cash.
the Sale will take effect from the new year, but depends on the myndighetsgodkjenninger in Canada.
Wagering on core business
– This transaction is in line with Statoil’s strategy porteføljeoptimalisering to strengthen our financial flexibility and invest in our core business areas globally, including off the coast of Newfoundland in Canada, ” says Lars Christian Bacher, Statoil’s evp for Development and production international.
Chance lowers oil production: – Has been a key element
– the Statoil organization has, since 2007, regularly strengthened the operation, maintained a good safety and delivered a strong production performance from the Project. We look at the Athabasca as a solid operator who is in a good position to take these assets forward.
Statoil entered in oljesandfeltene in Canada through the acquisition of North American Oil Sands Corporation in 2007.
In 2011, PTTEP a 40% share, and in 2014, Statoil and PTTEP agree about the redistribution of their respective interests in the oljesandfelteme. Statoil, however, remains as operator with a 100% stake in the Leismer and Corner projects.
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