Canadian Natural Likely To Acquire Cenovus' Pelican Assets
Zacks Investment Research | Sep 03, 2017 09:58PM ET
Per Bloomberg, oil producer Canadian Natural Resources Limited (TO:CNQ) might be the one to acquire Cenovus Energy Inc.'s (TO:CVE) asset in Pelican Lake, Alberta, Canada. Canadian Natural will pay C$1 billion ($807 million) for the property.
Canadian Natural and Cona Resources Ltd. were among the major bidders for the oil project in Northern Alberta near Fort McMurray. The asset in focus uses polymer flooding technology to increase oil recovery. The technology helps Cenovus to mix water and polymer, which is used to extract oil efficiently.
The company is divesting Pelican Lake properties to reduce its debt related to the C$16.8 billion Zacks Investment Research
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