Despite proposed tax and royalty laws that'll take a toll of oil sands projects, Petro-Canada will pay $375 million for an extra five-percent stake in the Fort Hills Project.
The company now holds a 60-percent stake, while partner Teck Cominco Ltd. earned a five percent working for a new 20 percent stake. Both companies acquire their new stakes from UTS Energy Corp., which lessens its share by 10 percent to 20 percent.
Teck Cominco will fund an additional $375 million in the project in a deal that’ll wrap up by year-end 2007.
A statement said Fort Hills is “cornerstone” of Petro-Canada’s oil sands growth strategy.
In Oslo, meanwhile, Nexen’s new Norway manager, Nancy Foster, called oil sands the company’s “No. 2 driver” despite the vast sums being spent by all involved.
The company now holds a 60-percent stake, while partner Teck Cominco Ltd. earned a five percent working for a new 20 percent stake. Both companies acquire their new stakes from UTS Energy Corp., which lessens its share by 10 percent to 20 percent.
Teck Cominco will fund an additional $375 million in the project in a deal that’ll wrap up by year-end 2007.
A statement said Fort Hills is “cornerstone” of Petro-Canada’s oil sands growth strategy.
In Oslo, meanwhile, Nexen’s new Norway manager, Nancy Foster, called oil sands the company’s “No. 2 driver” despite the vast sums being spent by all involved.
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