PTTEP Netherland (PTTEP NL) will acquire a 40% interest in the Kai Kos Dehseh (KKD) oil sands project in Canada under an agreement with Statoil Canada and Statoil Canada Holdings.
PTTEP will buy the Statoil Canada Partnership (SCP) units for $2.2bn.
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Statoil will hold a 60% interest in SCP and retain the operatorship of KKD once the transaction is completed.
KKD is located in Athabasca, Alberta, in western Canada, and covers an area of one billion square metres with an estimated 4.3 billion barrels of recoverable bitumen resources.
The acquisition provides the firm with access to a highly attractive oil sands deposit in Canada and a strong platform for future growth into unconventional resources.
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By GlobalData
