Norway’s Equinor ASA said on Jan. 20 it has sold its stake in Athabasca Oil, a Canadian oil sands firm.
Majority state-owned Equinor sold 100 million shares, representing an 18.8% stake in Athabasca for a total of 18 million Canadian dollars (US$14.2 million).
Equinor, formerly called Statoil, received the shares in 2017 as part of a deal to sell its Kai Kos Dehseh oil sands project in the Canadian province of Alberta.
“This was just a financial holding that was part of the deal when we exited... We have no other interests onshore Canada now,” an Equinor spokesman said.
Athabasca produced 20,200 bbl/d of oil sands crude in the third-quarter of 2020, accounting for about two-thirds of its total output, according to regulatory filings.
In 2017, Equinor pledged not to invest in oil sands, a heavy oil resource, production of which requires more energy than production of conventional sources and thus resulting in higher greenhouse gas emissions. (US$1 = CA$1.2707)
Recommended Reading
DNO ‘Hot Streak’ Continues with North Sea Discovery
2025-03-26 - DNO ASA has made 10 discoveries since 2021 in the Troll-Gjøa exploration and development area.
TechnipFMC Awarded EPCI for Equinor’s Johan Sverdrup Phase 3
2025-03-25 - The Johan Sverdrup Field, which originally began production in 2019, is one of the largest developments in the Norwegian North Sea.
Exclusive: Metal Tariffs Unlikely to Disrupt Lower 48 Supply Chain
2025-03-25 - With tariffs discussions creating uncertainty in the energy sector, Luca Zanotti, Tenaris’ U.S. president, said he sees minimal impact with tariffs on oil country tubular goods, in this Hart Energy exclusive interview.
E&P Highlights: March 24, 2025
2025-03-24 - Here’s a roundup of the latest E&P headlines, from an oil find in western Hungary to new gas exploration licenses offshore Israel.
Shell Takes FID on Gato do Mato Project Offshore Brazil
2025-03-23 - Shell Plc will be the operator and 50% owner, with Ecopetrol holding 30% interest and TotalEnergies 20%.