Pursuant to the transaction, PTTEP has agreed to pay a total of $2.28bn for the 40% interest.
Statoil will retain 60% ownership and will act as the managing partner and operator of the project.
Production volumes from the partnership will continue to be handled and marketed by Statoil Canada.
The effective date of the transaction is 1 January 2011 and the transaction is expected to close in the first quarter of 2011.
Statoil CEO Helge Lund said that the agreement to farm down from a 100% position to 60% follows other recent transactions designed to optimize the risk and strategic profile of the company’s portfolio.
"Our new partnership is committed to utilizing the best available technology in order to both minimize environmental impact and enhance value as we further develop Kai Kos Dehseh," Lund said.
