Cenovus sells Tucker thermal oil sands project for $800 million

Cenovus Energy Inc. says it has reached a deal to sell its Tucker thermal oil sands project for $800 million.

The Calgary, Alta.-based company did not immediately disclose the name of the buyer.

Cenovus says the sale will reduce net debt and enhance the company’s ability to increase shareholder returns.

Cenovus says Tucker’s expected average 2022 production is between 18,000 barrels and 21,000 barrels of oil per day, and is one of four oil sands projects operated by Cenovus in northeastern Alberta.

The deal is expected to close in late January.

(Canadian Press)