Cenovus Energy has reached a deal to sell its assets south of Weyburn, including the carbon-dioxide enhanced oil recovery project for $940 million. The sale to Whitecap is expected to close in the fourth quarter of the current fiscal year for the company.

The sale of the assets came after Cenovus announced the purchase of ConocoPhillips earlier this year. Cenovus the sold their Pelican Lake interests, followed by the Weyburn assets. Cenovus is hoping to close the sales of it’s Palliser and Suffield assets later this year.

Sonja Franklin is Cenovus’ senior media advisor. She said the company is proud of the work they accomplished in using carbon dioxide, purchased from SaskPower, to assist with their enhanced oil recovery projects. However, they wanted to make the sale to help pay down debt incurred in the purchase of ConocoPhillips.

“Our strategy is to optimize our portfolio through the sale of non-core assets, and we will use the proceeds from the sale to pay down our debt, and that’s firmly on track,” Franklin added.

Whitecap is expecting the purchase of Cenovus’ 62 percent stake in the Weyburn project will boost their overall production by 25 percent.

The Weyburn project has been in operation since 1954. In 2000, Cenovus began injecting carbon dioxide into the underground formations to enhance operations and extend the life of the field.

There is no word at this time if there will be any impact on staffing in the area.

Upgrades in Budget for Provincial Parks in Southeast

The Government of Saskatchewan has announced its commitment to investing more than $2 million for facility and infrastructure improvements in provincial parks in the southeast region. “Our provincial…

Government Makes Decision Regarding Photo Radar

Following a two-year pilot project in three cities, the Government of Saskatchewan has made the decision to permanently fund photo speed enforcement. The announcement was made yesterday with plenty…

Pedestals Installed on Downtown Street Lights

Even though the completion of the downtown traffic lights has been delayed, the final touches have been made to the new LED street lights. Crews from Industrial Electric, the contractor for the City…

Police Investigate Armed Robbery

The Weyburn Police Service is investigating an armed robbery from the weekend. Saturday night, a call came in about an armed robbery at the Wholesale Gas Bar. Police have reported that it appears the…

Government Road Work Continues

Work is continuing to get a surface onto Government Road, after a long period of construction to get portions of the water infrastructure underneath the street taken care of. Weyburn’s director of…

Delay for Indoor Pool Opening at Weyburn Leisure Centre

The indoor pool at the Weyburn Leisure Centre will not open today as per the original plan. Aquatics Manager Tina Clay said that when they were filling the pool in preparation for today's opening,…

UPDATE: Emma O'Keeffe Found Safe, Amber Alert Cancelled

A huge sigh of relief across the Province as 6-year-old Emma O’Keeffe was safely located. An Amber Alert issued by the Saskatchewan RCMP Sunday night was cancelled Monday morning, after the subject…

Community Gathers to Celebrate a Young Life Cut Short

Family, friends, co-workers and other community members filled the Cugnet Centre yesterday for a celebration of life for Kailynn Bursic-Panchuk. The 17-year-old died tragically after a train collided…

Main Street Traffic Lights Delayed

The new Main Street traffic lights are close to completion. The pedestrian traffic lights are installed and synced up, after an adjustment on Friday. Director of engineering for the City of Weyburn…

Smile Cookies to Benefit WDHF starting Monday

The Weyburn and District Hospital Foundation will benefit from the annual Tim Horton's Smile Cookie campaign this year. "It helps out to, eventually, get our new hospital...and supply it with…

DiscoverWeyburn.com is Weyburn's only source for community news and information such as weather and classifieds.

Search the Biz Guide

Login