British energy giant BP has agreed to sell its remaining 50% stake in the Sunrise oil sands project in northern Alberta, Canada, to Cenovus Energy, said the company.
The deal’s total consideration includes a USD466.9m (CD600m) cash payment and a conditional payment with a USD466.9m (CD600m) maximum aggregate value that expires after a two-year period. As part of the deal, Cenovus will sell its 35% stake in the undeveloped Bay du Nord project offshore Newfoundland and Labrador, in Eastern Canada, to BP.
The Bay du Nord project comprises several oil discoveries in the Flemish Pass basin, located approximately 500km north-east of St John’s. Situated in water depths of approximately 1,200m, the project is estimated to hold recoverable reserves of nearly 300 million barrels of oil.
BP Gulf of Mexico & Canada senior vice-president Starlee Sykes 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."
With the sale, BP will have no interests in the oil sands production assets in the North American country. Following the completion of the transaction, BP will focus on the future growth of offshore production. The firm currently owns stakes in six exploration licences in the offshore Eastern Newfoundland region. The transaction is subject to regulatory approvals and is scheduled to close this year.
As per MRC, The Abu Dhabi National Oil Company (ADNOC), oil major BP and Abu Dhabi future energy company Masdar have joined forces to develop clean hydrogen and technology hubs. Announcing their new-energy partnerships, ADNOC said the H2Teesside low-carbon hydrogen project with BP had moved into the design phase.
As per MRC, Adnoc and Mubadala Mubadala announced a strategic transaction involving Borealis, one of Europe’s leading petrochemical companies. Under this agreement, Adnoc will acquire a 25% shareholding in Borealis from Mubadala. Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, Borealis will be owned 25% by Adnoc and 75% by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.
mrchub.com