Athabasca Oil Corp. is in talks with at least one other Canadian oil and gas company to expand an oil sands joint venture planned with Kuwait Petroleum Corp.
According to people familiar with the discussions, Calgary-based Connacher Oil and Gas Ltd. is seeking to transfer a large portion of its oil sands properties into a development venture that Kuwait Petroleum has agreed, on a preliminary basis, to finance. It’s possible other companies could be invited to roll in additional oil sands assets.
There are a bunch of properties that will be folded into a larger project for this venture,” said one person familiar with the discussions.
Athabasca spokesperson Heather Douglas said the company is in discussions with other companies about a potential role in the venture with Kuwait Petroleum, but declined to comment about Connacher. A spokesperson for Connacher said it doesn’t “comment on rumour or speculation.” Earlier this year Connacher hired Goldman Sachs to help it with a strategic review to explore “all strategies available” for improving shareholder value.
More: Kuwait deal with Athabasca sparks interest from other oil sands players - The Globe and Mail
According to people familiar with the discussions, Calgary-based Connacher Oil and Gas Ltd. is seeking to transfer a large portion of its oil sands properties into a development venture that Kuwait Petroleum has agreed, on a preliminary basis, to finance. It’s possible other companies could be invited to roll in additional oil sands assets.
There are a bunch of properties that will be folded into a larger project for this venture,” said one person familiar with the discussions.
Athabasca spokesperson Heather Douglas said the company is in discussions with other companies about a potential role in the venture with Kuwait Petroleum, but declined to comment about Connacher. A spokesperson for Connacher said it doesn’t “comment on rumour or speculation.” Earlier this year Connacher hired Goldman Sachs to help it with a strategic review to explore “all strategies available” for improving shareholder value.
More: Kuwait deal with Athabasca sparks interest from other oil sands players - The Globe and Mail
