Athabasca Oil Sand Corp chances on hefty Leduc oil discovery

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.

CanadianBusiness.com reports:

In 2009, Athabasca landed a $1.9-billion joint-venture with PetroChina to develop its Dover and MacKay River oilsands leases and has expressed an eagerness to ink similar deals for its other holdings.

On Monday MINING.com reported on the prospect of a spike in labour costs putting a drag on oil sands investments:

According to a new outlook from the Construction Owners Association of Alberta, the expected future labour need for 2011 is up significantly from this time last year. At the same time, the Construction Sector Council recently published a forecast that suggests that future trades industry labour supply will be limited.

An 2011 report by Peters & Co., an oil sands investment house, predicted investment in Alberta’s oil sands was set to reach a staggering $180bn over the next decade – 20% more than was spent during the height of the last boom.

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