The boomtown in the heart of Canada's oil sands region is getting nervous. Fort McMurray, surrounded by the boreal forest of northern Canada, has long drawn thousands with jobs that paid six-figure salaries to a region that produces more crude than anywhere else in the Western Hemisphere.
Norway's state-controlled Statoil is reportedly studying overseas acquisitions that could dilute the state's shareholding in the petroleum company. The Norwegian government is seeking to cut its stake in Statoil from 67% to 51%.
Norway-based oil company Statoil ASA (STO) said on Tuesday it has decided to invest in the Shah Deniz gas field development in Azerbaijan, together with its consortium partners.
A December 4 interview conducted by Bloomberg with Industry Ministry Monica Maeland revealed Norway's plans to divest some of its holdings in several companies including Statoil ASA.
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