Cenovus reaches agreement for Weyburn oil recovery operation sale
CALGARY — Cenovus Energy has announced a sales agreement for the final major asset that was on the selling block this year.
The company announced Monday Whitecap Resources has agreed to purchase a controlling interest in a carbon dioxide enhanced oil recovery operation in Weyburn, Saskatchewan for $940 million.
The sale gives Whitecap control of 62 per cent of the plant, and will increase the company’s output of oil by 25 per cent, to 74,000 barrels per day.
Cenovus has been selling major assets in the past two months to help pay for the $16.8 billion purchase of ConocoPhillips’ oil sands assets earlier this year.