Chevron said to be considering sale of stake in Shell oilsands mining project

Chevron considering oilsands sale: report

CALGARY — California-based Chevron Corp. is looking at selling its 20 per cent stake in the Athabasca Oil Sands Project in northern Alberta, according to a media report.

The company has discussed with investment banks the idea of selling its stake in the oilsands mine and upgrading project, Reuters reported Thursday, citing anonymous sources.

Chevron said in an email that it had no comment on the report. A spokesman for project operator Royal Dutch Shell said it wouldn’t comment on another company’s business decision.

Several foreign oil companies have reduced their oilsands holdings but that isn’t necessarily a bad thing, Alberta Premier Rachel Notley said Thursday when asked about the Chevron report.

“In the oilsands … you are seeing a reorganization,” she said, adding the consolidation of ownership mainly by Canadian companies is allowing more efficient and sustainable production.

“What we are seeing is a specialization within the oil and gas industry and we think our national companies are the ones that are often best placed to deliver that specialization and we are very pleased that that investment is happening.”

Last month, Shell announced it had agreed to sell most of its Canadian oilsands assets to Calgary-based Canadian Natural Resources (TSX:CNQ) for about C$11.1 billion.

The two companies also announced they would buy Houston-based Marathon Oil’s 20 per cent stake in the Athabasca Oil Sands Project for a total of US$2.5 billion. Chevron’s 20 per cent stake in the project was not affected.

The deals are expected to close in mid-2017.

Other foreign companies that have recently reduced exposure to the oilsands include Norway’s Statoil, Arkansas-based Murphy Oil and France-based Total SA.

Last month Cenovus Energy unveiled a blockbuster $17.7-billion deal to buy most of the Canadian assets of Houston-based ConocoPhillips.

The Canadian Press

Just Posted

UPDATE: Tsunami warning cancelled for coastal British Columbia

Warning issued following 7.9 earthquake off Kodiak, AK

Tsunami warning issued for Coastal B.C.

It is recommended that individuals residing below 20 metres should move to higher ground.

Mediators appointed to help address issues in IHealth review

Review too little, too late for Qualicum Bay patient

Smoking ban arrives on BC Ferries

No crackdown, just education as BC Ferries enacts smoking ban

SOGI rally disrupts school board meeting, but business carries on

Chilliwack school board makes statement in support of B.C.-wide gender identity teaching resource

Testing the Google Arts & Culture app

Going face to face with art

‘Shape of Water’ producer, Christopher Plummer among Canadian Oscar nominees

Guillermo del Toro film about merman romance earns 13 nominations

Canada, TPP agrees to revised deal without the United States

Canada and the remaining members of the Trans-Pacific Partnership have agreed to a revised trade agreement

Tsunami warnings 101: Canada

Here are some things to know about tsunami alerts in Canada and how they work

Rogers Media cuts ties with Vice Canada

Rogers Media and Vice Canada are ending their three-year-old partnership, pulling Viceland TV channel off the air

Tsunami warning prompts evacuations in Port Alberni

Alaska earthquake prompted warning for coastal BC

UPDATE: Police continue to seek missing Qualicum Beach woman

Oceanside RCMP requesting public assistance in locating Carmel Georgina Gilmour

VIDEO: Fuel truck and train collide in B.C. causing massive fire

More emergency crews are still arriving on scene of a massive fire at the Port Coquitlam rail yard.

Most Read