CALGARY — Cenovus Energy Inc. says it has reached a deal to sell its Tucker thermal oilsands project in northeast Alberta for $800 million.

The Calgary-based company did not immediately disclose the name of the buyer.

Cenovus says the sale will reduce net debt and enhance the company’s ability to increase shareholder returns.

Cenovus says Tucker’s expected average 2022 production is between 18,000 barrels and 21,000 barrels of oil per day.

Tucker is one of four oilsands projects operated by Cenovus in northeastern Alberta.

Cenovus says the deal is expected to close in late January.

This report by The Canadian Press was first published Dec. 16, 2021.

Companies in this story: (TSX:CVE)

The Canadian Press

News from © The Canadian Press, 2021. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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