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.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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