The Mackenzie gas project joint-venture participants have announced their decision not to proceed with the project at this time and are dissolving the joint venture.
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In an agreement announced March 29, Cenovus Energy will acquire assets from ConocoPhillips in Alberta and British Columbia that will double Cenovus' production and reserves. The deal is estimated to be worth $17.7 billion, including $14.1 billion in cash and the remainder in Cenovus common shares.
ConocoPhillips safely delivered first oil at its Surmont 2 in-situ oil sands facility in Canada, marking a significant milestone for the megaproject.