Deal Description: 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.

Baker Botts is representing bp.

Dentons acted as local counsel to bp in Canada.

The company’s press release may be found here.

Baker Botts Lawyers/Offices Involved:

Global Projects: Dan Mark (Partner, Houston), Kyle Doherty (Senior Associate, Houston), Gabbi Feldman (Associate, Houston), Ryan Chastain (Associate, Houston)

Energy Regulatory: Emil Barth (Partner, Washington, D.C.)

Litigation: Meghan McElvy (Partner, Houston)

Real Estate: Chris Wilson (Partner, Houston), Emily Quiros (Associate, Houston)

Tax: Michael Bresson (Partner, Houston), Jared Meier (Senior Associate, Houston)

Intellectual Property: Paul Morico (Partner, Houston)

Environmental: Paulina Williams (Partner, Austin)

Craig Vogelsang of Norton Fulbright Rose also advised bp.

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