Cenovus Energy to Sell Tucker Oil Sands Project for $ 800 Million; buyer not yet disclosed | The Canadian News

Cenovus Energy Inc. says it has reached an agreement to sell its Tucker thermal oil sands project in northeast Alberta for $ 800 million.

The Calgary-based company did not immediately reveal the name of the buyer.

Cenovus says the sale will reduce net debt and improve the company’s ability to increase shareholder profitability.

READ MORE: Cenovus Withdraws $ 1 Billion In Debt As Rising Oil Price Raises Canada’s Energy Sector

Cenovus says Tucker’s expected average production for 2022 is between 18,000 barrels and 21,000 barrels of oil per day.

Tucker is one of four oil sands projects operated by Cenovus in northeastern Alberta.

Cenovus says the deal is expected to close in late January.

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