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Alberta

Cenovus Energy acquires BP’s 50 per cent stake in Sunrise oilsands project

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CALGARY — Cenovus Energy Inc. says it has signed an agreement to buy the 50 per cent stake in the Sunrise oilsands project in northern Alberta that it does not already own from BP.

The company will pay $600 million in cash plus a variable payment with a maximum cumulative value of $600 million expiring after two years.

Cenovus will also give BP its 35 per cent stake in the undeveloped Bay du Nord project in offshore Newfoundland and Labrador.

Cenvous CEO Alex Pourbaix says acquiring the remaining working interest in Sunrise will allow the company to fully benefit from what he says are significant optimization opportunities.

Cenovus is the operator of the Sunrise project, which currently produces about 50,000 barrels per day. It expects to achieve nameplate capacity of 60,000 bpd through a multi-year development program.

The transaction has an effective date of May 1 and is expected to close in the third quarter of this year, subject to closing conditions.

This report by The Canadian Press was first published June 13, 2022.

Companies in this story: (TSX:CVE)

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Alberta

Alberta extends electricity rebate program until December at a cost of about $600M

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Edmonton – The Alberta government says it will extend its electricity rebates until the end of the year as the cost of living continues to rise.

Dale Nally, who’s the associate minister of natural gas and electricity, says the United Conservative government is doubling the rebate to help reduce the financial burden on Albertans.

The government says the electricity rebate program will now offer about $600 million in relief through 2022.

It says the program will provide nearly two million homes, farms and small businesses with a monthly $50 bill credit each month from July until December.

The government says it will also provide a natural gas rebate to millions of Albertans starting in October, which will continue until March 2023 if prices remain high.

Last week, Finance Minister Jason Nixon announced a $3.9-billion surplus for the 2021-22 fiscal year ending March 31.

This report by The Canadian Press was first published July 6, 2022.

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Alberta

Telus Corp. marks opening of Telus Sky in downtown Calgary

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CALGARY — Telus Corp. marked the opening of its new 60-storey Calgary headquarters on Wednesday.

The new $400-million skyscraper, Telus Sky, has been in development for nine years and is now the third-tallest building in downtown Calgary. It features 750,000 square feet of office and retail space as well as 326 rental homes.

The building’s eye-catching design, by architects Bjarke Ingels Group (BIG) and Dialog, along with developer partner Westbank and Allied, starts with a rectangular floorplate and then gradually twists as it rises.

Integrated into the facade of Telus Sky is Canada’s largest public art display. “Northern Lights” by Canadian author and artist, Douglas Coupland, creates a light show across the building’s exterior.

Telus Sky will be home to more than 1,600 Telus employees. It joins TELUS Garden in Vancouver, TELUS Harbour Toronto, TELUS House Ottawa, and Place TELUS Québec as one of the company’s LEED (Leadership in Energy and Environmental Design) Platinum-certified buildings.

Among the building’s environmental features is a storm water management system that recycles rainwater for use in washroom toilets, reducing the building’s municipal water demand by 70 per cent.

This report by The Canadian Press was first published July 6, 2022.

Companies in this story: (TSX:T)

Amanda Stephenson, The Canadian Press

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