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Cenovus buys Conoco's Canadian assets for C$17.7b

Purchase will double its reserves and output and make it the third largest oil-sands producer

Published Thu, Mar 30, 2017 · 09:50 PM

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.

Cenovus also gets most of Conoco's Deep Basin conventional assets in Alberta and British Columbia. Combined, the…

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