bp’s Sale of 50% Stake in Canada’s Sunrise Oil Sands Project

Baker Botts, Dentos and Norton Fulbright Rose advised bp on the deal.

bp will sell its 50% non-operated interest in the Sunrise oil sands project in an agreement reached with Calgary-based Cenovus Energy.

Total consideration for the transaction includes C$600 million (Canadian dollars) cash, a contingent payment with a maximum aggregate value of C$600 million expiring after two years, and Cenovus’s 35% position in the undeveloped Bay du Nord project offshore Newfoundland and Labrador.

In Canada, bp will no longer have interests in oil sands production and will shift its focus to future potential offshore growth. bp currently holds an interest in six exploration licenses in the offshore Eastern Newfoundland Region. The non-operated stake in the Bay du Nord project will expand bp’s position offshore Eastern Canada.

The Baker Botts team included: Dan Mark (Picture), Kyle Doherty, Gabbi Feldman, Ryan Chastain, Emil Barth, Meghan McElvy, Chris Wilson, Emily Quiros, Michael Bresson, Jared Meier, Paul Morico and Paulina Williams. 

The Norton Fulbright Rose team was led by Craig Vogelsang.

 

Involved fees earner: Emil Barth – Baker Botts LLP; Michael Bresson – Baker Botts LLP; Ryan Chastain – Baker Botts LLP; Meghan Dawson McElvy – Baker Botts LLP; Kyle Doherty – Baker Botts LLP; Gabbi Feldman – Baker Botts LLP; Dan Mark – Baker Botts LLP; Jared Meier – Baker Botts LLP; Paul Morico – Baker Botts LLP; Emily Quiros – Baker Botts LLP; Paulina Williams – Baker Botts LLP; Chris Wilson – Baker Botts LLP; Craig Vogelsang – Norton Rose Fulbright;

Law Firms: Baker Botts LLP; Norton Rose Fulbright;

Clients: BP Plc;

Martina Bellini

Author: Martina Bellini