Calgary, Alberta – Norway-based Statoil has agreed to sell a 40 per cent interest in its oil sands project in Alberta to PTT Exploration and Production (PTTEP) of Thailand.

Statoil will retain 60 per cent ownership and will act as the managing partner and operator of the project. Production volumes from the partnership will continue to be handled and marketed by Statoil Canada Limited.

“This transaction underlines the quality of our Canadian resources and demonstrates our ability to create value as an oil sands operator,” said Statoil CEO Helge Lund. “We look forward to forming a strong partnership with PTTEP in the further development of our Canadian oil sands assets. The agreement to farm down from a 100 per cent position to 60 per cent follows other recent transactions designed to optimize the risk and strategic profile of our global portfolio.”

Statoil originally entered the project through the acquisition of North American Oil Sands Corporation in 2007.

Established in 1985, PTTEP is Thailand’s sole petroleum exploration and production company.

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