Statoil sells its Canadian oil sands business

Statoil has signed an agreement to divest its 100% owned Kai Kos Dehseh (KKD) oil sands projects in the Canadian province of Alberta to Athabasca Oil Corp (TSX: ATH). The transaction covers the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production. Following this transaction, Athabasca will take over operatorship of Leismer and Corner and Statoil will no longer operate any oil sands assets. More »