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
Products and vendors Services and providers Jobs

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 >>

US Stock Movements - July 2015
  United States >>  7/26/2015 - Preliminary data for June shows that total commercial oil stocks rose for the eighth consecutive month by 5.7 mb to stand at 1257.7 mb. At this level,...
CB&I Awarded EPC Contract for Louisiana Refinery
United States >>  7/23/2015 - CB&I has been awarded a contract valued in excess of $100 million by a major energy company for a Tier 3 clean fuels project. The scope of work at the...

SNC-Lavalin Awarded Keys Energy Project in Maryland
United States >>  7/22/2015 - SNC-Lavalin has been awarded an engineering, procurement and construction contract for the Keys Energy Center project, a 755-megawatt combined-cycle n...
OneSubsea Establishes Global Alliance with Subsea 7
United States >>  7/13/2015 - OneSubsea®, a Cameron and Schlumberger company, has signed an agreement establishing a worldwide non-incorporated alliance with Subsea 7 to jointly de...

US Forecast for 2015 Oil Supply – June 2015
United States >>  7/8/2015 - US total oil supply is anticipated to grow by 0.70 mb/d to average 13.56 mb/d in 2015, unchanged from the previous MOMR. US crude oil production reach...
Hess Completes Sale, Establishes Midstream JV Valued at $5.35b
United States >>  7/1/2015 - Hess Corporation completed the previously sale of a 50 percent interest in its Bakken midstream assets to Global Infrastructure Partners for cash cons...



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 | 8 |

More News

Oil & Gas Companies in Canada >>

Related Links

Countries Quick Links

CA US
Gulf Oil and Gas B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed