In a trade with Calgary’s Cenovus Energy Inc., BP plc is building its prospects offshore Eastern Canada and selling its half-stake in the Sunrise oilsands project. 

BP deal

Total consideration includes C$600 million cash and a variable C$600 million payment over two years. BP is gaining the 35% stake that Cenovus has in the Equinor ASA-led Bay du Nord project. The 200,000 boe/d project is offshore Newfoundland and Labrador, about 300 miles east of St. John’s. 

“This is an important step in our plans to create a more focused, resilient and competitive business in Canada,” said BP’s Starlee Sykes, senior vice president, Gulf of Mexico & Canada. “Bay du Nord will add sizable acreage and a discovered resource to our existing portfolio offshore Newfoundland and...