Statoil to invest billions in oil sands

Statoil ASA and North American Oil Sands Corporation (NAOSC) on Friday announced that they have entered into an acquisition agreement whereby Statoil will make an all-cash offer to acquire all shares of NAOSC at a price of CAD 20 per share.

It is estimated that the NAOSC leases hold approximately 2.2 billion barrels in recoverable reserves. Statoil believes that by applying its broad technological competence developed through 30 years of experience on the Norwegian continental shelf, there is a potential for increasing the recoverable reserve base.

norwaypost