Cenovus acquiring outstanding 50% interest in sunrise oil sands asset

Calgary, alberta, june 13, 2022 (globe newswire) -- cenovus energy inc. (tsx: cve) (nyse: cve) has reached an agreement to purchase the remaining 50% of the sunrise oil sands project in northern alberta from bp. total consideration for the transaction includes $600 million in cash, a variable payment with a maximum cumulative value of $600 million expiring after two years, and cenovus's 35% position in the undeveloped bay du nord project offshore newfoundland and labrador. the transaction has an effective date of may 1, 2022 and is anticipated to close in the third quarter of this year, subject to closing conditions and normal purchase price adjustments.
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