BP is selling off its oilsands project in Canada under a deal with Cenovus Energy, which will see it paid in cash and a stake in the offshore Bay du Nord project.
i3 Energy, based in Westhill, Aberdeenshire, has signed a $53.7million (£39m) deal to acquire a package of oil and gas assets in Canada from Cenovus Energy.
US President Joe Biden’s decision to cancel the Keystone XL pipeline is sparking renewed interest in shipping Canadian oil-sands crude by rail, and that comes with its own environmental risks.
Cenovus Energy Inc. is getting more than just a rival Canadian oil producer with its acquisition of Husky Energy Inc. It’s also shoring up its defenses against an anti-oil sands movement that could get a boost if Joe Biden is elected as the next president of the U.S.
Cenovus Energy Inc. will double its reserves and production by buying Canadian holdings from ConocoPhillips for C$17.7 billion ($13.3 billion), the latest sale of energy assets in that country by international companies stung by falling oil prices.