BP to Sell Stake in Sunrise Oil Sands Project, Reshaping Canadian Portfolio
June 13 2022 - 6:56AM
Dow Jones News
By Jaime Llinares Taboada
BP PLC said Monday that it is selling its 50% interest in the
Sunrise oil sands project in Alberta, Canada, to Cenovus Energy
Inc.
The British energy major will receive 600 million Canadian
dollars ($469.4 million) plus a contingent payment of up to C$600
million and Cenovus's 35% interest in the undeveloped Bay du Nord
project offshore Canada.
BP said this transaction will help it create a more focused,
resilient and competitive business in Canada, as Bay du Nord will
provide it with a sizeable offshore acreage and a discovered
resource.
Once the deal is completed, which is expected to happen this
year, BP will no longer have interests in oil sands production in
Canada and will shift its focus in the country to future offshore
growth, it said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 13, 2022 06:41 ET (10:41 GMT)
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