Alberta Oil-Sands Land Sale Earns Most in Decade as Crude Surges
Heavy haulers drive through a mine in this aerial photograph taken above the Athabasca oil sands, near Fort McMurray, Alberta, in September 2018.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
Alberta’s government earned the most in more than 10 years in a sale of rights to develop oil-sands land just as crude prices surged after the Russian invasion of Ukraine.
In a public offering on Wednesday, the western Canadian province raised about C$53 million ($42 million) for oil sands rights, the most earned in a single sale since December 2011, according to government data compiled by Bloomberg. The sale also included the largest single transaction in a decade: a company named Whispering Hills Resources Ltd. paid C$14.2 million for a parcel of land in the Peace River oil sands area.