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Blog: Thailand latest player in oilsands scene through $2.28-billion Statoil deal
November 23, 2010
Thailand has joined the parade of Asian energy firms investing in the oilsands, snapping up a minority stake in Statoil's largely undeveloped holdings in northern Alberta.

Late Monday, Norway-based Statoil announced it would farm out a 40 per cent stake to PTT Exploration and Production, Thailand's sole oil and gas company, for US$2.28 billion.

The transaction - Thailand's first in the oilsands - is a "transformational step" in PTT's growth plans, the company said in a release Tuesday.

"This acquisition provides the company access to a highly attractive oilsands deposit in Canada and a strong platform for future growth into unconventional resources, including the opportunity to form a partnership with Statoil, one of the world's leading companies on heavy oil and deepwater exploration and production," PTT said.

Sinopec had already grabbed a foothold in the oilsands through its 50 per cent stake in Total E&P Canada's Northern Lights project.

China Investment Corp., a state-run sovereign wealth fund, said in May it would kick in $1.25 billion to help Penn West Energy Trust (TSX:PWT.UN) develop some of its oilsands leases.

Another state-owned Chinese energy firm, PetroChina, announced in 2009 it would make a $1.9-billion investment in two projects operated by Athabasca Oil Sands Corp. (TSX:ATH).

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