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2014-09-02 18:05:00

PETROCHINA & ATHABASCA: $ 1.1 BLN

PETROCHINA & ATHABASCA: $ 1.1 BLN

Athabasca Oil Corp. (ATH) closed a C$1.18 ($1.1 billion) agreement with PetroChina Co. (857) to sell the rest of its Dover oil-sands project, ending weeks of speculation about whether the Chinese company would pay. The shares rose.

PetroChina's payment includes C$600 million in cash and C$584 million in promissory notes due through August 2016, backed by guarantees from HSBC Bank Canada, Athabasca said today. The original agreement was for PetroChina to pay in cash. The settlement comes two months after Calgary-based Athabasca had estimated the deal would close after triggering the sale of its 40 percent stake in Dover earlier this year.

The payment was delayed as the Chinese government was investigating PetroChina executives over allegations of corruption, according to reports from publications including Beijing-based Caixin. A report in Canada's Financial Post was among several suggesting the state-owned company was trying to delay its purchase or claw back the price.

"It closes a chapter around the whole corruption issues overhanging the stock," Phil Skolnick, an analyst at Canaccord Genuity Corp. in New York, said in a phone interview today. "It would have been better if they could have received the full funds immediately. The stock would have reacted more positively to it."

Athabasca surged as much as 5.5 percent after the announcement and gained 4.4 percent to C$7.92 at the close in Toronto. The shares fell to a nine-month low of C$5.80 on July 29 amid concerns the payment would be delayed and have since rebounded.

Athabasca agreed to make a C$49 million payment to PetroChina earlier this month, lowering the sale price, to cover for future abandonment costs for oil and natural gas wells.

Drilling Plans

The company is relying on the Dover sale funds to pay for future drilling, including in the Duvernay shale in Alberta where it's seeking partners. With the initial cash payment, Athabasca will have enough to pursue drilling plans, Skolnick said.

A full update of the company's plans will be released in early September, including revised forecasts and a capital spending outlook, Athabasca said.

Athabasca on Feb. 21 announced it had reached an agreement with an Alberta aboriginal group, paving the way to complete the deal with PetroChina. A put option exercised by Athabasca on April 17 forced a PetroChina subsidiary to buy the 40 percent it didn't own in the undeveloped Dover oil-sands project in northeastern Alberta, based on a 2010 agreement.

'Ample Liquidity'

"The Company now has ample liquidity to continue development of its Duvernay and Hangingstone core assets," Athabasca Chief Executive Sveinung Svarte said in the statement.

The Dover project contains reserves of 4.1 billion barrels at a 50 percent recovery rate, Alberta's energy regulator said in August. Athabasca expects production at the site to reach 250,000 barrels a day at full capacity.

bloomberg.com

Tags: PETROCHINA, ATHABASCA, OIL,

Chronicle:

PETROCHINA & ATHABASCA: $ 1.1 BLN
September, 22, 09:20:00

OIL PRICE: NOT ABOVE $57

International benchmark Brent crude futures were at $56.51 a barrel at 0644 GMT, up 8 cents, or 0.14 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.24 percent, at $50.67 per barrel.

PETROCHINA & ATHABASCA: $ 1.1 BLN
September, 22, 09:15:00

СОТРУДНИЧЕСТВО АЛЖИРА И РОССИИ

Руководители энергетических ведомств России и Алжира обсудили состояние и перспективы двустороннего сотрудничества, а также совместную деятельность в многосторонних форматах, в том числе взаимодействие в рамках Форума стран-экспортеров газа. Также речь шла о взаимодействии в рамках соглашения ОПЕК+ по сокращению объемов добычи нефти. Стороны подтвердили приверженность исполнению взятых обязательств по достижению скорейшей ребалансировки нефтяного рынка.

PETROCHINA & ATHABASCA: $ 1.1 BLN
September, 22, 09:10:00

ГАЗ РОССИИ ДЛЯ МАРОККО

Александр Новак отметил, что Россия занимает лидирующие позиции в мире в области топливно-энергетического комплекса, в частности, первое место по добыче нефти, второе место по добыче газа. «При этом Россия - номер один по экспорту газа. Мы добываем 670 млрд кубических метров газа, из них 220 млрд поставляем в другие страны различными способами – трубопроводным и сжиженным», - подчеркнул Министр.

PETROCHINA & ATHABASCA: $ 1.1 BLN
September, 22, 09:05:00

НОВЫЕ ТЕХНОЛОГИИ РОССИИ

Кирилл Молодцов также сообщил о применении новых технологий в сфере нефтегазодобычи. «Из общего количества технологий, а их насчитывается примерно 600, более 300 производятся в России. Более двухсот имеют российские наработки и аналоги, то есть практически имеют стадию разработки проекта. Есть технологии, которые нас сильно волнуют, и мы будем развивать их дальше. Это абсолютно автономные системы добычи, окончание морских месторождений, забуривание, возможности создания и развития проектов в Арктике», - заключил Кирилл Молодцов.

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