By BP PLC
BP,
-3.16%
said Monday that it is selling its 50% interest in the Sunrise oil sands project in Alberta, Canada, to Cenovus Energy Inc.
CVE,
-2.57%
The British energy major will receive 600 million Canadian dollars ($469.4 million) plus a contingent payment of up to C$600 million and Cenovus’s 35% interest in the undeveloped Bay du Nord project offshore Canada.
BP said this transaction will help it create a more focused, resilient and competitive business in Canada, as Bay du Nord will provide it with a sizeable offshore acreage and a discovered resource.
Once the deal is completed, which is expected to happen this year, BP will no longer have interests in oil sands production in Canada and will shift its focus in the country to future offshore growth, it said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
