CALGARY - Sveinung Svarte, the Norwegian geophysicist who co-founded Athabasca Oil Corp. nine years ago, cut his last ties Monday to the once-high flying oil company that stumbled over a controversial oil sands deal with PetroChina.
Handout/Athabasca Oil Sands Corp.Athabasca needs a WTI oil price of US$40 to US$60 per barrel to breakeven on its single wells in the region, though the company was transitioning to a different technique to drive down its costs.
The new chief executive at Athabasca Oil Corp. is a farm-raised 45-year-old engineer from central Alberta whose favourite non-work pastimes are golfing, snowmobiling and spending time with his wife and three teenage children.
Sveinung Svarte is out as president and CEO of Athabasca Oil Corp. - though not completely, as the Calgary-based oil producer moves past its roller-coaster oil sands partnership with PetroChina and doubles down on its other businesses.
Ironically, Chevron's partner, Kuwait Foreign Petroleum Exploration Co., is a division of national oil corporation Kuwait Petroleum Corp., identified by sources two years ago as one of two prospective partners with Athabasca to partner on its ...
Athabasca Oil Corp.'s wait for a $1.32-billion cash windfall from PetroChina Co. may be nearing an end. Shares of the Calgary-based oil producer have tumbled nearly 15% since early May, amid mounting uncertainty over whether PetroChina would follow ...
In ordinary times, an up-and-comer such as Athabasca Oil Corp. would be reaping the benefits of its hot oil sands and light oil prospects in Alberta, a top technical team and a partnership with deep-pocketed PetroChina.