BP to Increase Eastern Canada Acreage and Sell 50% Stake in Oil Sands Project.
MANews-(C)2009-2022
UK-based oil and gas major bp (NYSE: BP) will increase its acreage position offshore Eastern Canada and sell its 50% non-operated interest in the Sunrise oil sands project in an agreement reached with Calgary-based Cenovus Energy, the company said.
Total consideration for the transaction includes CDN 600m (USD 465.29m) cash, a contingent payment with a maximum aggregate value of CDN 600m expiring after two years, and Cenovus's 35% position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador.
In Canada, bp will no longer have interests in oil sands production and...
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