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Worker on an Athabasca Oil rig
Worker on an Athabasca Oil rig
(Athabasca Oil)

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Athabasca still optimistic on joint venture

Now that the federal government has provided some clarity on foreign takeovers, Athabasca Oil Corp. thinks a joint venture to develop its oil sands assets is within reach.

Earlier this year Athabasca looked to ink a multibillion-dollar joint venture with partners from Kuwait and Spain. However, uncertainty stemming from CNOOC Ltd.’s $15.1-billion bid for Nexen Inc. scared potential partners Kuwait Petroleum Corp. and Repsol YPF SA away, leaving investors wondering if they would ever come back.