BP will strengthen its position in the eastern maritime areas of Canada and will sell its non-operated 50% interest in the Sunrise oil sands project under an agreement with Cenovus Energybased in Calgary.

The total consideration for the transaction includes C$600 million in cash, a contingent payment of up to C$600 million in value due after two years, and Cenovus’ 35% position in the undeveloped Bay North in the Newfoundland and Labrador Sea.

“This is an important step in our plans to create a more focused, resilient and competitive business in Canada. Bay du Nord will add significant acreage and discovered resources to our existing offshore Newfoundland and Labrador portfolio. Canadian trading and marketing team, this will position bp Canada for strong future growth. », said Starlee Sykes, bp senior vice president, Gulf of Mexico and Canada.

Starlee Sykes, bp senior vice president for the Gulf of Mexico and Canada, 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 significant acreage and discovered resources to our existing offshore Newfoundland and Labrador portfolio. marketing and trading in Canada, this will position bp Canada for strong future growth.

In Canada, bp will divest its oil sands production interests and focus on potential future offshore growth.

BP currently holds an interest in six exploration licenses in the eastern region of Newfoundland. The non-operated stake in the Bay du Nord project will strengthen bp’s position in Eastern Canada.

Subject to regulatory approvals, the transaction is expected to close in 2022.

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