CALGARY: ConocoPhillips on Wednesday agreed to sell oil sands and western Canadian natural gas assets to Cenovus Energy Inc for C$17.7bil (US$13.3bil), making it the latest international oil major to pull back from the region.
For Calgary-based Cenovus, among Canada’s largest producers, the deal doubles its production to 588,000 barrels of oil equivalent per day as it takes full ownership of its main oil sands assets in northern Alberta.
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