Cenovus Sells its Share of Bay du Nord in Exchange for Stake in Alberta Oil Project
Posted: Tue Jun 14, 2022 1:13 am
https://vocm.com/2022/06/13/cenovus-bp-bay-du-nord/
Cenovus has sold its 35 per cent position in the Bay du Nord project to bp in exchange for bp’s 50 per cent stake in the Sunrise oil sands project in northern Alberta.
The federal government gave Bay du Nord the environmental go-ahead following months of delays.
Back in April, Norwegian-based Equinor, the company behind the massive, deep-sea project indicated that it was working with its partners, bp and Cenovus on a final investment decision.
Cenovus this morning announced that it had reached an agreement to purchase the remaining 50 percent of the Sunrise oil sands project in Alberta in exchange for $600-million in cash, a variable payment totaling up to $600-million expiring in two years, and the company’s 35 per cent position in Bay du Nord, as of May 1st.
Cenovus has sold its 35 per cent position in the Bay du Nord project to bp in exchange for bp’s 50 per cent stake in the Sunrise oil sands project in northern Alberta.
The federal government gave Bay du Nord the environmental go-ahead following months of delays.
Back in April, Norwegian-based Equinor, the company behind the massive, deep-sea project indicated that it was working with its partners, bp and Cenovus on a final investment decision.
Cenovus this morning announced that it had reached an agreement to purchase the remaining 50 percent of the Sunrise oil sands project in Alberta in exchange for $600-million in cash, a variable payment totaling up to $600-million expiring in two years, and the company’s 35 per cent position in Bay du Nord, as of May 1st.