Cenovus sells local Suffield, Alderson assets
By Medicine Hat News on September 25, 2017.
Massive oil and gas tracts in southeastern Alberta are changing hands. Cenovus Energy announced Monday morning that it has found a buyer for its Suffield and Alderson assets — including 800,000 acres of gas leases and 100,000 acres of oil leases — for $512 million. The buyer, International Petroleum Corporations. (IPC), is an international firm with operating areas in France, the Netherlands and Malaysia. The company is part of the Lundin Group of Companies, the ownership of which had previously acquired and later spun off companies and fields in a variety of countries. IPC states in a release that the block fits well into its philosophy of buying and operating proven low-cost fields. It states that it plans to retain certain employees in the area, but gave no more details. Cenovus had stated earlier this year that it would sell most of its conventional oil and gas portfolio to help pay for its acquisition of Conoco-Phillips’ stake at shared oilsands facilities. That deal included $3.6 billion in bridge financing that Cenovus hopes to pay down with sale proceeds. Earlier this month Cenovus sold its Pelican Lake project in Northern Alberta for $975 million. Cenovus’s Palliser Block, which extends west from Suffield into central Alberta, is also being marketed for sale. 8-7
