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

OTC: ExxonMobil adopts global approach to subsea processing technology

05/07/2014 ExxonMobil Corp. is approaching its research, development, and qualification of subsea processing technologies from a more global rather than proje...

EIA seeks comments on proposed expansion of gas, oil production survey

05/07/2014 To accommodate the rapid growth and shifting location of US natural gas and crude oil production, the US Energy Information Administration is propo...

OTC: Robust US energy policy needed to strengthen economy, lawmaker says

05/07/2014 Anticipated energy demand worldwide by 2050 will be such that industry will need to produce similar levels of oil and natural gas compared with tod...

Oil recovery of 70% is achievable at Johan Sverdrup, says Statoil

05/07/2014 Statoil ASA reported that it has set a goal of recovering an average of 70% of the oil in its Johan Sverdrup field on the Norwegian continental she...

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