Canadian, Kuwaiti Energy Cos. In Talks Over $4B Oil Sands JV

Law360, New York (August 31, 2012, 4:01 PM EDT) -- Canadian energy company Athabasca Oil Corp. has agreed to pursue joint venture talks with a Kuwaiti state-owned oil company on an oil sands development in Canada reportedly worth up to $4 billion, Athabasca said Friday.

The Calgary-based firm released a statement Friday in response to reports that it had signed a memorandum of understanding with Kuwait Petroleum Corp. earlier this month to develop its oil sands properties in Northern Alberta. Athabasca said it had signed a letter of intent to pursue a joint venture partner to develop...
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