Canada's Cenovus Energy to buy 50% stake in Sunrise oil sands project from BP Plc

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Canada's Cenovus Energy to buy 50% stake in Sunrise oil sands project from BP Plc

As reported by Reuters, Canada's Cenovus Energy said that it will buy the remaining 50% stake in the Sunrise oil sands project in northern Alberta from British oil major BP Plc. The total value of the deal, which will mark BP's shift away from Canadian oil sands production, includes C$ 600 million ($466 million) in cash and a variable payment of C$ 600 million expiring after two years, the Canadian energy company said.

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