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Statoil joins Shell and other foreign companies exiting Canadian projects

Posted by Mark Young:15 Feb 2017

Norway’s oil and gas powerhouse Statoil ASA has finalised its exit from the Canadian oilsands and is by no means alone in a list of high-profile internationally-based operators to agree a sale of Canadian upstream assets during the past 12 months.

Statoil (Oslo:STL) is selling its interest in the Kai Kos Denseh project to Athabasca Oil Corp. (TSX:ATH) for an initial Cdn$578 million. Analysis of this transaction can be found here.

Other significant sales agreed upon in 2016 by non-Canadian companies include:

1) Murphy Oil Corp. (NYSE:MUR) sold a 5% stake in the Syncrude project to Suncor Energy Inc. (TSX:SU) for $937 million in June. Murphy has been a stakeholder in the Syncrude project for 19 years. Murphy also agreed to sell heavy oil assets in Alberta’s Peace River area to Baytex Energy Corp. (TSX:BTE) for Cdn$65 million in November. This sale to Baytex closed in January 2017 – Download CanOils’ latest M&A review for more details.

2) Royal Dutch Shell (LSE:RDSA) sold Alberta Deep Basin and Northern B.C. Montney assets to Tourmaline Oil Corp. (TSX:TOU) for Cdn$1.4 billion in November. That same month, Shell also parted with interests in five Newfoundland and Labrador exploration licenses in a deal with Anadarko Petroleum Corp. (NYSE:APC) for an undisclosed fee.

3) Japan’s Mitsubishi Corp. sold its 50% interest in its Cordova natural gas joint venture with Penn West Petroleum Ltd. (TSX:PWT) to its partner for an undisclosed fee in November.

4) Harvest Operations Corp. (owned by South Korea’s KNOC) sold assets producing 1,500 boe/d in Southeast Saskatchewan to Spartan Energy Corp. (TSX:SPE) in June for Cdn$62 million. Harvest also sold assets in South Alberta to an unnamed party for Cdn$6.7 million in August.

SOURCE

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