PTTEP acquires a 40% stake in the Kai Kos Dehseh oil sands project
PTT Exploration and Production (PTTEP) has acquired a 40% interest in the Kai Kos Dehseh (KKD) oil sands project from Statoil for US$2.3 billion. Statoil will retain a 60% stake and operatorship.Statoil acquired KKD in 2007 for US$2 billion. It has since invested US$1.5 billion in proving up reserves, including drilling in the region of 400 exploration and appraisal wells. This latest deal values the KKD project at US$5.8 billion, implying that Statoil has effectively created US$2.3 ...