U.S. based Devon Energy says it intends to exit Canadian oilsands sector
An American oil company is parting ways with oilsands in Northern Alberta.
Devon Energy announced that they are pursuing a separation of its Canadian assets, overseen by Devon Canada Corporation.
The Oklahoma-based company is looking to complete its transformation to a ‘high-return U.S. oil growth business.’
The company’s heavy oil operations are in the Athabasca Oilsands with their site, Jackfish, located around 175 km south of Fort McMurray.
Devon Canada had also applied to the Alberta Energy Regulator back in December to move forward with their Pike 2 project, which would have been 35 km southeast of Conklin.
In 2018, their Canadian assets produced 120,000 barrels per day.
The company says it's separation should be completed by the end of 2019.