Athabasca sells stake in oil sands project to PetroChina

April 18, 2014

Athasbasca Oil Corp said on April 17 it has exercised an option to sell its 40 percent stake in the planned Dover oil sands project to its partner PetroChina Co for C$1.32 billion ($1.20 billion) after the project received final approvals from the government of Alberta, Reuters has reported.

Athabasca said it would sell its stake in the Brion Energy partnership developing the thermal oil sands project to its Chinese partner under an existing agreement between the two. PetroChina can now build Dover, which could eventually produce as much as 250,000 barrels of oil sands bitumen per day.

Copyright: Reuters, 2014