Insiders say Cenovus looking to partner on Narrows Lake project

Cenovus Energy Inc is seeking a partner to fund $1.3 billion in costs to build the supporting infrastructure at its Narrows Lake oil sands project in Alberta, people familiar with the matter told Reuters.

Cenovus has been seeking to raise billions to support its projects and reduce its debt burden after its pent $17 billion on acquiring oil sands and natural gas assets from ConocoPhillips last year.

Cenovus earlier this month hired Credit Suisse and RBC Capital Markets as advisers on the Narrows Lake infrastructure fundraising, people told Reuters, declining to be named as the process is private.

(Reuters)