Cenovus selling Weyburn project majority stake (4 Visits)
Cenovus Energy Inc. is selling its majority stake in a Saskatchewan enhanced oil recovery project. Calgary-based Whitecap Resources Inc. is purchasing this asset sale for $940 million, as the last of four asset deals the major oilsands producer vowed to complete to help pay for its $17.7 billion acquisition of most of Houseton-based ConocoPhillips Canadian assets.
They have already arranged to sell their Palliser assets to Torxen Energy and Schlumberger for $1.3 billion, its Suffield operations to International Petroleum Corp for $512 million and Pelican Lake for $975 to Canadian Natural Resources.
Cenovus said it will identify other assets for sale this year to make the total raised to reach between $4 and $5 billion.