New York

CENOVUS Energy Inc will double its reserves and production by buying Canadian holdings from ConocoPhillips for C$17.7 billion (S$18.5 billion), the latest sale of energy assets in that country by international companies stung by falling oil prices.

The deal includes Conoco's 50 per cent interest in a joint venture with Cenovus in Canada's oil sands, the Calgary-based company said in a statement on Wednesday.