Cenovus Energy Inc. (TSX:CVE), an oil and gas company, has agreed to buy the remaining 50% interest on the Sunrise Oil Sands project located in Alberta from BP PLC, a British Oil and Gas company, for $600 million. An important part of the purchase will be Cenovus’s 35% position in the undeveloped Bay du Nord project, which is located offshore of Newfoundland and Labrador. The transaction for the purchase of Sunrise has been in progress since the start of last month. The company hopes to close the deal by the end of the third fiscal quarter.
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Cenovus Energy Purchases Oil Asset For $600M