Thailand's PTTEP to acquire Statoil's Canadian oil sands stake for $2.28 bn
23 November 2010
Thailand's largest energy company PTT Exploration and Production (PTTEP) yesterday said that it has agreed to acquire a 40-per cent stake in Kai Kos Dehseh oil sands project in Canada from Norwegian oil and gas company Statoil, for $2.28 billion.
Established in 1985, PTTEP is Thailand's sole petroleum exploration and production company. PTTEP is one of the top 10 publicly listed companies on the stock exchange of Thailand with a market capitalisation of approximately $20 billion.
PTTEP is 65-per cent owned by PTT Public Company Limited (PTT), a fully integrated energy conglomerate in Thailand in which the government of Thailand holds directly 51 per cent stake.
PTTEP has invested in more than 40 energy and power projects across 12 countries with a workforce of around 3,000 employees.
Kai Kos Dehseh oil sands project is located in western Canada covering an area of 257,200 acres with an estimated 4.3 billion barrels of recoverable bitumen resources.
The Leismer project, which is the first of the five phase project of Kai Kos Dehseh, has an initial production of 10,000 barrels per day, and the five areas could have a combined output of more than 300,000 barrels per day, the company said.