MOSCOW (MRC) -- ConocoPhillips has struck a USD720 million deal to sell off its 100% stake in the Clyden oil sands lease in Canada to ExxonMobil and Imperial Oil, said Upstreamonline.
Clyden comprises 226,000 net acres of undeveloped acreage in the Athabasca oil sands region of north-east Albert, where ConocoPhillips holds about 1.1 million net acres of land estimated to hold 16 billion barrels of net bitumen resources.
The US giant, led by chief executive Ryan Lance, is set to net an after-tax gain of around USD450 million on the sale, due to close in the third quarter, that is part of its strategic divestment effort to shed non-core assets as it seeks to expand in other areas.
It has so far raised proceeds of about USD13.5 billion from the disposals, including the latest sale.
"This transaction is a significant step toward rebalancing our world-class oil sands portfolio," said business development vice president Don Wallette.
As MRC wrote before, in Canada, CNOOC gains control of Nexen's Long Lake oil sands project in the oil-rich province of Alberta, as well as billions of barrels of reserves in the world"s third-largest crude storehouse - the oil sands in the province of Alberta.
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