Athabasca Oil Corp. is the most recent addition to a growing interest of foreign firms to invest in Alberta's Oil and Gas Industry.
Many companies have knocked on Alberta's door recently, including China National Offshore Oil Company, which is in the middle of a takeover of Calgary-based energy leader Nexen. Malaysia's state-owned Petronas also recently got approval for a $6-billion takeover of natural gas producer Progress Energy Resources Corp.
As Alberta continues to diversity its its investors portfolio, it may continue to see a spike in foreign interest.
Calgary-based energy leader Nexen is in the middle of a massive takeover bid worth more than $15-billion by China energy China National Offshore Oil Company, or CNOOC. The deal is currently being reviewed by Canadian Industry Minister Christian Paradis.
Petronas' Progress Energy Takeover
Stakeholders in natural gas producer Progress Energy Resources Corp. have approved a $6-billion takeover of the company by a subsidiary of Malaysia's state-owned Petronas.
Meanwhile, the company said the sale to Petronas Carigali Canada Ltd. is not being opposed by the federal government under the Competition Act, which requires major takeover deals to be of net benefit to Canada.
Kuwait's state-owned petroleum company, Kuwait Petroleum Corp., has reportedly signed a preliminary deal to invest as much as $4-billion in a joint venture with Athabasca Oil Corp., for an investment to develop some of Athabasca's (TSX:ATH) oilsands properties in northern Alberta.
In 2009, Athabasca sold a 60 per cent interest in its MacKay River and Dover oilsands lands to PetroChina.
In Early 2012, Athabasca exercised its option to sell the rest of MacKay River to PetroChina, making it the first oilsands operation to be fully controlled by a Chinese company.
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