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Statoil stops production at oil sands in Canada and writes off $500m

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Statoil stops production at oil sands in Canada and writes off $500m

Statoil ASA, a Norwegian oil and gas company, sells all of its assets in oil production at Canada's oil-bearing sands of Athabasca Oil for 832 million Canadian dollars ($626 million), The Wall Street Journal reoports.

Following the transaction, Statoil will become the owner of about 20% of the Athabasca and will write off $500 million.

Norwegian company first doubted the profitability of the Canadian operations as far back as two years ago, when it made a decision to stop exploration on the largest of the affiliated fields. Oil-bearing sands of Canada are considered to be one of the most expensive sources of oil in the world, but, at the same time, they are characterized by extremely high emissions of greenhouse gases.

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