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BP Sells Oil Sands to Cenovus, Snaps Up Stake in Canadian Offshore Project

  • UK major divests holding in Sunrise project to Cenovus Energy
  • Canadian firm will hand over 35% stake in Bay du Nord venture
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Photographer: Peter Boer/Bloomberg
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BP Plc sold out of Canada’s oil sands, divesting its stake in the Sunrise project to Cenovus Energy Inc. while acquiring offshore exploration from the same company in the east of the country.

The oil-sands disposal aligns with BP’s plans to divest polluting projects as investors demand greater efforts to tackle climate change. Companies such as Shell Plc and ConocoPhillips have also offloaded such ventures, which have a particularly high carbon footprint because of the energy required to extract bitumen from deposits underground.