Sunshine, Renergy finalize Muskwa-Godin oil sands pact

Sunshine Oilsands Ltd., Calgary, has signed the previously announced joint operating agreement with Renergy Petroleum (Canada) Co. Ltd., an affiliate of Changjiang Investment Group Co. Ltd. of Hong Kong, with respect to Sunshine’s Muskwa and Godin area leases in Alberta’s Athabasca oil sands area (OGJ Online, Aug. 20, 2013).

The agreement excludes Sunshine’s oil sands rights in the carbonate formations on the leases.

Renergy will operate the assets under the JOA. In return for a 50% working interest, Renergy has agreed to fund 100% of the initial joint operations conducted on the lands up to a maximum commitment cap of $250 million (Can.).

Renergy is to deploy the funding at its own discretion until the earlier of the point at which the sum contributed equals the commitment cap or daily production from the lands equals or exceeds an average 5,000 b/d over any 20 consecutive days.

Sunshine, incorporated in 2007, holds more than 1 million acres of oil sands leases or about 7% of all granted leases in the Athabasca area.

Related Articles

EIA: Norway supplied 21% of Europe’s natural gas in 2013

05/16/2014 Norway, the world's third-largest natural gas exporter after Russia and Qatar, supplied 21% of total European gas needs in 2013, according to data ...

Mayer Brown: Mexico’s Congress trying to enact energy reform amid falling production rates

05/16/2014 It easily could take longer than many might expect before state-run Petroleos Mexicanos (Pemex) and other companies are able to unlock Mexico’s vas...

IEA: Downside risk presents on non-OPEC oil production outlook

05/16/2014 In April, continued tensions between Russia and Ukraine, supply outages in Libya and northern Iraq, and increased crude buying as refiners come out...

Ramnarine: Easing of tight gas supplies in Trinidad and Tobago might take years

05/15/2014 Trinidad and Tobago’s Energy Minister Kevin Ramnarine is now saying that it could take as long as 2 years before there is any easing in the tight s...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected