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: Woman hit by car in parking lot 93 years old

Driver of sedan backs into older adult walking through lot

Stolen West Shore vehicle found in ocean off Oak Bay

SUV was submerged 90 feet from shore at Cattle Point

Delivery truck downs power lines in Sidney

A tractor trailer delivering eggs clipped a low-hanging wire on Second St.… Continue reading

Deadly mushroom spotted in Greater Victoria

Early return of death cap mushrooms prompts Island Health warning

Campfire ban coming into effect across West Coast

The Coastal Fire Centre says bans will begin on Wednesday

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Restaurant Brands International to review policy over poaching employees

One of Canada’s largest fast-food company to review ‘no-poach’ franchise agreements

Calgary family’s vacation ends in tragedy on Texas highway

Three people died and four others were injured in the crash

Union construction cost competitive, B.C. Building Trades say

Non-union firms can bid on infrastructure, but employees have to join international unions

Trudeau to shuffle cabinet ahead of Liberals’ team for 2019

Trudeau could lighten the work loads of cabinet ministers who currently oversee more than one portfolio

Greater Victoria Crime Stoppers wanted list for the week of July 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Car calls 911 on possible impaired B.C. driver

A luxury car automatically calls Princeton police to scene of crash involving alcohol

BC Games marks 40 years in 2018

Cowichan Games a milestone for BC Games Society

VIDEO: Life’s a beach at this B.C. sand sculpting contest

More than $50,000 was up for grabs at the annual contest held in Parksville

Most Read