Norwegian state-controlled oil company Statoil has enhanced its reputation among environmental groups this year by beefing up its offshore wind power portfolio and exiting Canada's high-carbon oil sands sector. Statoil is selling its only oil sands assets-the 20,000 b/d Leismer plant and the undeveloped 40,000 b/d Corner project in northeastern Alberta-to Canada's Athabasca Oil for up to C$832mn ($620mn). The firm will retain an indirect involvement because the deal involves it taking just under 20pc of Athabasca Oil's equity as part payment.
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