21 Apr '17, 8am

Oil and Gas Giants Flee Canada's Tar Sands

A growing number of American oil and gas giants are divesting themselves of their Canadian tar sands holdings . In the latest move, Chevron is reportedly looking to sell its 20 percent stake in the Athabasca Oil Sands project, located in Alberta. The company has been in talks with investment banks about the sale, which could net Chevron $2.5 billion,a source told Reuters . Chevron is the second biggest oil producer in the U.S. The month of March saw three companies — two of them American — divest some of their tar sands assets. ConocoPhillips signed a deal worth $13.3 billion in March to divest a good part of its Canadian assets. The Houston-based oil and gas giant agreed to sell its interests in Foster Creek Christina Lake oil sands partnership in northeast Alberta and the majority of its gas assets in the Western Canada deep basin in Alberta to Cenovus, a Canadian compan...

Full article: http://www.triplepundit.com/2017/04/oil-gas-giants-flee-c...

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