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Cenovus Energy Inc. on Dec. 16 agreed to sell its Tucker thermal assets in northeastern Alberta for CA$800 million (US$626.13 million), as the Canadian oil and gas producer looks to shed assets to repay debt.
Cenovus, which acquired Husky Energy earlier this year, has set an interim net debt target of $10 billion.
The company, which did not disclose the buyer, said it expects almost CA$2 billion in total proceeds from asset sales announced in 2021, including the latest transaction.
Cenovus also said it expects 2022 average production of between 18,000 and 21,000 bbl/d day at Tucker.
The Calgary, Alberta-based firm last month agreed to sell its retail fuels network and assets in Wembley, Alberta, in two separate deals worth about $660 million. (US$1 = 1.2777 Canadian dollars)
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