Cenovus seeks partner for $1.3 bln Narrows Lake project: Reuters
Cenovus Energy Inc is seeking a partner to fund $1.3 billion in costs to build the supporting infrastructure at its Narrows Lake oil sands project in Alberta, sources told Reuters. The Canadian energy company has been seeking to raise billions to reduce its debt burden after it spent $17 billion on acquiring oil sands and natural gas assets last year. To avoid placing further stress on its balance sheet, Cenovus hopes to secure the funds to build infrastructure supporting the first phase of Narrows Lake from an outside partner, which would finance construction in exchange for a long-term agreement with Cenovus to utilize the assets. Both strategic names and private equity firms could be interested in funding the Narrows Lake infrastructure.
