Eldar Saetre CEO of Equinor speaks as he gives the company quarterly capital market update in London, Thursday, Feb. 6, 2020. THE CANADIAN PRESS/AP/Alastair Grant

Norwegian oil company Equinor completes oilsands exit by selling Athabasca Oil shares

Norwegian oil company Equinor completes oilsands exit by selling Athabasca Oil shares

CALGARY — Norwegian oil giant Equinor ASA says it has completed its exit from the Canadian oilsands by selling the 18.8 per cent stake in producer Athabasca Oil Corp. it acquired three years ago.

The Stavanger, Norway-based company, formerly known as Statoil, says it sold 100 million shares in the Calgary-based company on Tuesday for 18 cents per share or $18 million.

The shares closed at $1.66 each on Jan. 31, 2017, completion day for Statoil’s sale of its Leismer thermal oilsands project and its proposed Corner oilsands project in northern Alberta in return for the shares, $435 million in cash and up to $250 million more in contingent payments based on future oil prices.

The sale of shares comes one week after Equinor said it had closed its downtown Calgary office and is moving staff to St. John’s, N.L., to better focus on offshore East Coast operations. The move is expected to result in a reduction of about 30 per cent of its 120 Canadian staff in both St. John’s and Calgary.

It also said it will no longer evaluate business opportunities in the onshore energy industry in Canada.

Equinor is the operator of seven discoveries offshore Newfoundland and has working interests in the Terra Nova, Hebron and Hibernia producing projects there.

“We can confirm that Equinor has sold the entire holding in Athabasca, a total of 100 million shares … Equinor has no further interests in the Canadian oilsands,” said spokesman Erik Haaland.

This report by The Canadian Press was first published Jan. 20, 2021.

Companies in this story: (TSX:ATH)

The Canadian Press

Oilsands

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A cross-country skier glides along the banks of the Ottawa River in Ottawa on Thursday, Feb. 25, 2021. Canadians across the country can look forward to a mild spring peppered with the odd winter flashback throughout the first part of the season, according to predictions from one prominent national forecaster. THE CANADIAN PRESS/Sean Kilpatrick
Mild spring with some wintry blasts predicted for most of Canada: Weather Network

March will be dramatically warmer through the prairies

A memorial for those killed and injured in a deadly crash involving the Humboldt Broncos junior hockey team bus is visible at the intersection of Highways 35 and 335 near Tisdale, Sask., on Tuesday, Oct. 27, 2020. THE CANADIAN PRESS/Liam Richards
‘More pain:’ Some Broncos families angry over request in court to delay lawsuit

Eleven lawsuits were filed after the crash on April 6, 2018

Erika Fetterly, owner of EFP Studios, recently launched the Let Them Have A Voice campaign. (Contributed photo)
Central Alberta photographer’s campaign aims to give youths a voice

An Innisfail photographer is giving a platform to young central Albertans so… Continue reading

Chopped Canada-winning chef Pete Sok is trying to focus on the future as he reopens Boulevard Restaurant and Lounge in the Holiday Inn on Gasoline Alley during the pandemic. (Contributed photo)
Red Deer’s celebrity chef looks past the pandemic with new restaurant opportunity

Pete Sok is reopening Boulevard Restaurant — and betting on the future

Red Deer science-communicating dogs Bunsen and Beaker helped save a missing pet recently. The two dogs have more than 80,000 followers on Twitter. (Contributed photo)
WATCH: Red Deer science dogs help save lost pet

Red Deer science-communicating dogs Bunsen and Beaker helped rescue a missing pet… Continue reading

Alberta Premier Jason Kenney speaks during a news conference in Edmonton on Feb. 24, 2020. It’s budget day in the province, and Kenney’s United Conservative government is promising more help in the fight against COVID, but more red ink on the bottom line. THE CANADIAN PRESS/Jason Franson
Alberta Premier slams vandalism after slur painted on MLA’s office window

EDMONTON — Alberta Premier Jason Kenney is condemning alleged vandalism at the… Continue reading

Canada Pension Plan Investment Board President and Chief Executive Officer Mark Machin waits to appear at the Standing Committee on Finance on Parliament Hill, in Ottawa on Tuesday, November 1, 2016. Executives who engage in so-called "vaccine tourism" show both an ethical disregard for those less fortunate and a surprising lack of business acumen, experts argue. THE CANADIAN PRESS/Adrian Wyld
Vaccine tourism is both unethical and bad for business, experts say

Executives who engage in so-called “vaccine tourism” show both an ethical disregard… Continue reading

Edmonton Oilers' Jesse Puljujarvi (13) and Toronto Maple Leafs' Justin Holl (3) battle in front as goalie Jack Campbell (36) makes the save during second period NHL action in Edmonton on Saturday, February 27, 2021.THE CANADIAN PRESS/Jason Franson
No Matthews, no problem: Minus NHL goal leader, Maple Leafs blank Oilers 4-0

Leafs 4 Oilers 0 EDMONTON — The Maple Leafs knew even with… Continue reading

Leader of the Government in the House of Commons Pablo Rodriguez rises during Question Period in the House of Commons on Parliament Hill in Ottawa, Friday, Nov. 20, 2020. THE CANADIAN PRESS/Justin Tang
Gummed-up bills in House of Commons: harbinger of a federal election?

OTTAWA — All federal party leaders maintain they don’t want an election… Continue reading

The Pornhub website is shown on a computer screen in Toronto on Wednesday, Dec. 16, 2020. THE CANADIAN PRESS
Pornhub policies reveal legal gaps and lack of enforcement around exploitive videos

OTTAWA — Serena Fleites was in seventh grade when a sexually explicit… Continue reading

Sean Hoskin stands on a neighbourhood street in Halifax on Thursday, Feb. 25, 2021. Hoskin was diagnosed with COVID-19 almost a year ago with symptoms that still persist. Some provinces have established programs to deal with long-term sufferers but Atlantic Canada, with relatively low numbers of patients, has yet to provide a resource to assist them. THE CANADIAN PRESS/Andrew Vaughan
On East Coast, exhausted COVID-19 ‘long haulers’ hope specialized clinics will emerge

HALIFAX — On evenings when Sean Hoskin collapses into bed, heart pounding… Continue reading

Ottawa Senators goaltender Matt Murray (30) stands in his crease as Calgary Flames left wing Andrew Mangiapane (88), left to right, defenceman Rasmus Andersson (4), Matthew Tkachuk (19), Mikael Backlund (11) and Mark Giordano (5) celebrate a goal during second period NHL action in Ottawa on Saturday, Feb. 27, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Calgary Flames beat Ottawa 6-3 to end Senators’ three-game win streak

Flames 6 Senators 3 OTTAWA — The Calgary Flames used a balanced… Continue reading

Crosses are displayed in memory of the elderly who died from COVID-19 at the Camilla Care Community facility during the COVID-19 pandemic in Mississauga, Ont., on November 19, 2020. The number of people who would have died from a COVID-19 infection is likely to be much higher than recorded because of death certificates don't always list the virus as the cause of a fatality, experts say. THE CANADIAN PRESS/Nathan Denette
Death certificates don’t accurately reflect the toll of the pandemic, experts say

The number of people who would have died from a COVID-19 infection… Continue reading

Most Read