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Athabasca CEO Sveinung Svarte

Athasbasca Oil announced on Thursday it has exercised the option to sell its 40 percent stake in the planned Dover oil sands Brion Energy project.

The company will sell the stake to partner PetroChina for $1.2 billion after the final approval is given from the government of Alberta.

Athabasca said it would sell its stake in the partnership to develop thermal oil sands to PetroChina under an existing agreement between the two companies.

The Dover project is expected to produce 250,000 bbl of oil sands bitumen per day.

Athabasca CEO Sveinung Svarte said, “We have today opted to sell our remaining ownership in projects operated by Brion Energy. We have very much appreciated working with our joint venture partner at Brion Energy over the past four years and wish them every success as they proceed with the Dover development.”