Published 26th November, 2010
Norway's Statoil is set to sell 40% of its Kai Kos Dehseh oil sands project to Thailand's PTT Exploration and Production.
The deal, worth $2,280m, keeps Statoil as the managing partner for the project, based in Alberta, Canada. Subject to Canadian government approval, the agreement will be settled in January 2011.
According to Statoil, the sale "follows other recent transactions designed to optimize the risk and strategic profile of our global portfolio”. The new partnership is aimed a leveraging new technology to reduce environmental impact while maximising output from the oil sands. The initial project in the Kai Kos Dehseh field, named Leismer, uses Steam Assisted Gravity Drainage (SAGD) and began operations in September this year.