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Cenovus Energy to sell Tucker oilsands project for $800M; buyer not yet disclosed

The Cenovus logo is seen at the company's headquarters in Calgary, Alta., on November 15, 2017. THE CANADIAN PRESS/Jeff McIntosh

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.

READ MORE: Cenovus retires $1 billion in debt as oil price surge lifts Canadian energy sector

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.

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