{"id":572055,"date":"2017-10-23T02:12:03","date_gmt":"2017-10-23T02:12:03","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=572055"},"modified":"2017-10-23T02:12:03","modified_gmt":"2017-10-23T02:12:03","slug":"cenovus-sells-palliser-oilfield-for-1-3-billion-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=572055","title":{"rendered":"Cenovus sells Palliser oilfield for $1.3 billion"},"content":{"rendered":"

By analyst<\/a><\/span> <\/p>\n

By Andrew Topf<\/a><\/span> <\/p>\n

Cenovus Energy (TSX, NYSE:CVE) last week unloaded another key asset as the Canadian oil producer seeks to pay down debt incurred from purchasing ConocoPhillips’ (NYSE:COP) Canadian operations<\/a> in March.<\/p>\n

In a news release<\/a> Thursday, Cenovus said it plans to raise $1.3 billion by selling its Palliser crude oil field to Schlumberger Ltd. and Torxen Energy. The sale will help the Calgary-based company to pay off a $3.6 billion bridge loan used to purchase oil sands and conventional assets from Houston-based ConocoPhillips. Cenovus, headquartered in Calgary, is targeting between $4 billion and $5 billion in divestitures this year.<\/p>\n

\u201cOur strategy to optimize our portfolio by selling non-core assets and using the proceeds to pay down debt is firmly on track,\u201d president and CEO Brian Ferguson said in the statement.<\/p>\n

Schumberger, the world’s largest oilfield-services provider, will own Palliser while privately held Torxen will operate it, according to a statement by Schlumberger<\/a>.<\/p>\n

The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network, and approximately 800,000 acres of oil and gas development rights. It currently produces about 54,000 barrels of oil a day. The partners, who formed a joint venture earlier this year, plan to drill over 1,600 wells on Palliser, which covers around 325,000 hectares is is next to acreage owned by Schlumberger and Torxen.<\/p>\n

On September 25 Cenovus reached an agreement to sell its Suffield crude oil and natural gas operations<\/a> in southern Alberta to International Petroleum Corporation for $512 million in cash. It previously sold its Pelican Lake heavy oil operations in northern Alberta for $975 million to Canadian Natural Resources Ltd. (TSX, NYSE:CNQ). The company is also marketing its Weyburn operation in Saskatchewan.<\/p>\n

Cenovus has been one of the very few companies to revive deferred projects in the oil sands sector, following a recovery in crude prices.<\/p>\n

Last year, the company resumed the expansion of its Christina Lake oil sands<\/a> project, in northeast Alberta. Two more projects under review, known as Narrows Lake A and Foster Creek H, could add 75,000 barrels per day of new capacity in coming years.<\/p>\n

Meanwhile on Friday Thai company PTT said it has shelved plans to develop its Mariana oil sands project due to weak oil prices. According to a report on BNN<\/a>, it’s the third impairment PTT has booked on the project in three years, taking the total number of writedowns on it to US$1.8 billion.<\/p>\n

The post Cenovus sells Palliser oilfield for $1.3 billion<\/a> appeared first on MINING.com<\/a>.<\/p>\n

\u2026read more<\/a> <\/p>\n

Source:: Infomine<\/a><\/p>\n

The post <\/a>Cenovus sells Palliser oilfield for $1.3 billion<\/a> appeared first on Junior Mining Analyst<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

By analyst By Andrew Topf Cenovus Energy (TSX, NYSE:CVE) last week unloaded another key asset as the Canadian oil producer seeks to pay down debt incurred from purchasing ConocoPhillips’ (NYSE:COP) Canadian operations in March. In a news release Thursday, Cenovus said it plans to raise $1.3 billion by selling its Palliser crude oil field to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-572055","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/572055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=572055"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/572055\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=572055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=572055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=572055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}