Strathcona Resources to buy Tucker oilsands project from Cenovus in $800M deal

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

CALGARY — Cenovus Energy Inc. says Strathcona Resources Ltd. will be the purchaser of its Tucker thermal oilsands project in northeast Alberta.

Calgary-based Cenovus said Thursday it had reached an $800-million deal to sell the asset, but did not immediately disclose the buyer.

Strathcona Resources is a privately held oil and gas company wholly owned by Calgary-based investment firm Waterous Energy Fund and Strathcona employees.

Strathcona is an amalgamation of two Waterous Energy Fund portfolio companies, Strath Resources and Cona Resources. The two companies combined in August 2020.

At the time, Strathcona said the amalgamated company would be the largest wholly private equity-owned, oil-weighted producer in North America, with production of 60,000 barrels of oil equivalent daily.

Cona Resources acquired Pengrowth Energy Corp. in January 2020 for $740 million.

This report by The Canadian Press was first published Dec. 17, 2021.