BP has quit the Canadian oil sands after selling its sole producing stake in the region to Calgary-based Cenovus Energy in a deal valued at roughly $1bn.
The deal to withdraw from an area long targeted by environmental campaigners illustrates the fine line BP is trying to tread as chief executive Bernard Looney attempts to balance the company’s fossil fuel investments with a push to reduce emissions.
For its 50 per cent non-operated stake in the Sunrise oil sands project, BP will receive C$600mn ($466mn US) with up to a further C$600mn in payments over the next two years.
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