Bp To Sell Remaining 50% Stake In Sunrise Oil Sands To Cenovus Energy

British Petroleum Plc (BP.L) said on Monday that it has signed a deal with Cenovus Energy to buy Canadian firm's interest in the Bay du Nord project in Eastern Canada and sell its 50 percent interest in the Sunrise oil sands project in Alberta, Canada.

With this, bp will no longer have any interests in oil sands production in Canada.

The total consideration for the sale, expected to be closed in 2022, includes C$600 million cash, a contingent payment with a maximum aggregate value of C$600 million expiring after 24 months.

The transaction includes Cenovus's 35 percent position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador.

Starlee Sykes, BP's Senior Vice President, Gulf of Mexico & Canada, said: "This is an important step in our plans to create a more focused, resilient and competitive business in Canada. Bay du Nord will add sizeable acreage and a discovered resource to our existing portfolio offshore Newfoundland and Labrador. Along with bp's active Canadian marketing and trading business, this will position bp Canada for strong future growth."

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