Oil Sands: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

PTTEP Invests in Oil Sands Project in Canada

Source: www.gulfoilandgas.com 11/23/2010, Location: North America

Share |

PTT Exploration and Production Public Company Limited (PTTEP) discloses that on November 22, 2010, PTTEP Netherland Holding Limited or PTTEP NL (a subsidiary of PTTEP) has signed the Partnership Unit Sale Agreement with Statoil Canada Ltd. and Statoil Canada Holdings Corp. (the subsidiaries of Statoil ASA or Statoil) to acquire a 40% interest in the Kai Kos Dehseh Oil Sands Project (KKD) in Canada. The transaction will be completed through the purchase of 40% of the partnership units of Statoil Canada Partnership (SCP) for a total consideration of US$ 2,280 million. Upon the closing of the transaction, Statoil will hold a 60% interest in SCP and retain the operatorship of KKD.

KKD is a significant oil sands deposit in Canada covering an area of 257,200 acres with an estimated 4.3 billion barrels of recoverable Bitumen resources[1] (independently assessed by a leading external petroleum consultant). KKD is an IN-SITU oil sands project utilizing Steam Assisted Gravity Drainage (SAGD) technology, well established and proven production technique, with an expected project life of over 40 years.

KKD is located in Athabasca, Alberta in western Canada, and its attractive acreage position is surrounded by around 11 other commercial SAGD projects. KKD has 5 core areas, namely Leismer, Corner, Thornbury, Hangingstone, and South Leismer. In early 2011, the Leismer Project will have an initial production at 10,000 barrels per day (gross). Given the large bitumen resources, a staged development program is envisaged, which could ultimately bring production levels to over 300,000 barrels per day (gross) from the 5 areas.

The primary product of the KKD oil sands project will be sold to various refineries in the U.S.A. In the long run, additional potential markets for KKD’s heavy oil product is expected to develop in the US Gulf Coast region, and potentially to the Canadian West Coast where heavy oil product could access Asian markets.

The acquisition of interest in KKD marks a transformational step in PTTEP’s expansion plans and represents a strong fit with the Company’s long term growth strategy. This acquisition provides the Company access to a highly attractive oil sands deposit in Canada and a strong platform for future growth into unconventional resources, including the opportunity to form a partnership with Statoil, one of the world’s leading companies on heavy oil and deep water exploration and production.

This transaction is expected to be completed within the first quarter of 2011 and subject to typical conditions precedent, including Canadian regulatory approvals.

Oil Sands News in Canada >>

MATCOR Launches New App for Tank Cathodic Protection System Design
United States >>  8/28/2014 - MATCOR, Inc., the trusted full-service provider of proprietary cathodic protection products, systems and corrosion engineering solutions, launched a v...
Honeywell Introduces Software Solutions to Boost Offshore Production
United States >>  8/28/2014 - Honeywell Process Solutions releases Digital Suites for Oil and Gas, an innovative set of software and comprehensive services that can help oil and ga...

Emerson Introduces New Injection Control Application
United States >>  8/27/2014 - Emerson Process Management has introduced a new Injection Control Application designed for the FloBoss™107 flow computer and ROC800-Series remote oper...
Emerson Releases New CSI 9360 Vibration Transmitter
United States >>  8/19/2014 - Emerson Process Management’s new CSI 9360 vibration/position transmitter offers users and manufacturers an economical solution for extending basic pro...

US Stock Movements in August 2014
United States >>  8/19/2014 - Preliminary data for July shows that total commercial oil stocks rose by 2.1 mb for the sixth consecutive month to stand at 1,118.5 mb, the highest le...
Emerson Introduces Rotary Actuators for in LP-Gas Services
United States >>  8/14/2014 - Emerson Process Management has released the Fisher P700 rotary style actuator for use with Fisher C series internal valves in LP-Gas services. These a...



Related Categories: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

Oil & Gas Companies in Canada >>

Related Links

Countries Quick Links

CA US
Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us