The oil giant is “actively engaged” in talks to swap North American assets, mostly Canadian, with international oil companies.
Athabasca Oil Sands Corp Mining News
But CEO Sveinung Svarte won’t publicly say when that date will arrive.
Athabasca Oil Corp. (TSX:ATH) confirmed Friday that it is in the preliminary stages of establishing a joint venture for two of its Alberta oil sands assets, but it declined to identify its partner.
Canadian oil producer Athabasca Oil Sands Corp. (TSX: ATH) has exercised its option to sell its remaining 40 per cent interest in the MacKay River oil sands project to Cretaceous, a unit of Chinese oil giant PetroChina for about C$680 million.
Athabasca Oil Sands Corp. (TSX:ATH) announced an increase in reserves and contingent resources in advance of the company's annual meeting on Friday and said it plans to boost its development program budget in the Alberta deep basin by more than $60 million. The increase in Athabasca's resources is a reflection of both the successful drilling program and the quality of its vast land base, president and CEO Sveinung Svarte said in a release.
Potential joint-venture partners have been intrigued by a hefty oil discovery Athabasca Oil Sands Corp. made by way of happy accident. Athabasca has been approached by "several" parties keen to get in on its position in the Leduc carbonate, president and chief executive officer Sveinung Svarte told Canadian Business in an interview. Worth $6bn on the Toronto bourse Athabasca is trading down close to 20% from record highs hit in March this year when the Calgary-based company announced that it acquired more than 1.0 million acres of petroleum and natural gas rights in the Deep Basin areas of northwestern Alberta from crown sales and third-parties.