Statoil, PTTEP to divide oil sands stakes

Statoil AS and PTT Exploration & Production (PTTEP) of Thailand have agreed to divide their interests in the multiarea Kai Kos Dehseh (KKD) oil sands project about 120 km south of Fort McMurray, Alta.

Statoil will remain operator and own 100% of the Leismer and Corner development projects. PTTEP will own 100% of the Thornbury, Hangingstone, and South Leismer areas.

Interests in the overall area are now Statoil 60% and PTTEP 40%.

Statoil will make a balancing payment of $200 million and a working capital adjustment when the transaction closes, expected to be by this year’s third quarter.

Development via steam-assisted gravity drainage is envisioned for all the KKD areas.

Leismer is the only area on production, with operating capacity of 20,000 b/d. A 20,000-b/d expansion of the project has been approved, according to government reports.

Statoil said a final investment for the Corner project was to have been made early this year but will be delayed until closing of the asset division.

Development of Corner has received regulatory approvals, with production targeted at 40,000 b/d. A 40,000-b/d Corner expansion is possible.

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