Statoil has completed the sale of its oil sands operations in Alberta, Canada, to the Athabasca Oil Corporation.
The divestment includes the producing Leismer demonstration plant and the undeveloped Corner project, along with a number of midstream contracts associated with Leismer’s production.
Statoil has received CAN $431million in cash and 100 million common shares in Athabasca, representing just below 20% of the equity in the company.
Up to a further CAN $250million of contingent payments will be paid out over the next four years, depending on production levels and the prevailing oil price.