Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel
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June 13 (Reuters) – Cenovus Energy Inc (CVE.TO) mentioned on Monday it could buy British oil main BP Plc’s (BP.L) 50% stake in the Sunrise oil sands challenge in northern Alberta, because the Canadian power firm strengthens its place in the oil sands business.
The Sunrise challenge has been operated by Cenovus, which holds the remaining 50% stake, because the starting of 2021 after its acquisition of Husky Energy.
The complete worth of the deal consists of C$600 million ($466 million) in money and a variable cost of C$600 million expiring after two years, the Canadian power firm mentioned.
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The deal will mark BP’s shift away from Canadian oil sands manufacturing, which require advanced and energy-intensive extraction processes that trigger heavy carbon air pollution, and in direction of offshore manufacturing.
As a part of Monday’s deal, the British power big will buy Cenvous’s 35% stake in the undeveloped Bay du Nord challenge offshore Newfoundland and Labrador.
BP has laid out plans to attain net-zero emissions by 2050 or sooner.
The Sunrise oil sands challenge produces 50,000 barrels per day (bpd) and Cenovus expects to obtain a capability of 60,000 bpd.
“We expect to increase production at Sunrise while driving down sustaining capital, operating costs and emissions intensity,” Cenovus’s Chief Executive Officer Alex Pourbaix mentioned in an announcement.
Calgary-based Cenovus mentioned it could present an up to date forecast throughout its second-quarter outcomes subsequent month to mirror the deal, anticipated to shut in the third quarter.
The deal is predicted to be instantly add to adjusted funds movement and money from working actions, the corporate mentioned.
($1 = 1.2866 Canadian {dollars})
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Reporting by Ruhi Soni and Arunima Kumar in Bengaluru; Editing by Aditya Soni and Sriraj Kalluvila
Our Standards: The Thomson Reuters Trust Principles.
Cenovus to buy remaining 50% stake in Canada’s Sunrise oil sands from BP & More Latest News Update
Cenovus to buy remaining 50% stake in Canada’s Sunrise oil sands from BP & More Live News
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Cenovus to buy remaining 50% stake in Canada’s Sunrise oil sands from BP & More News Today
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