Statoil and PTTEP complete agreement to divide Canadian oil sands interests

On Wednesday, 28 May 2014, Statoil and PTT Exploration and Production completed the 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 USD 200 million plus a working capital adjustment amount of CAD 238 million.

 

To read more about Statoil here.

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