Telephone Lake joint venture plans ditched

By Tonya Zelinsky Calgary

 02 August 2012 22:59 GMT

Cenovus Energy has scrapped the idea of finding a joint venture partner to develop its planned 500,000 barrels-per-day Telephone Lake oil sands project.

The oil major said it has closed its data room and is no longer entertaining offers for the in situ project in Northern Alberta, Canada.

Instead, it will proceed on its own and maintain a 100% stake in the venture.

“We have chosen to conclude the formal process of looking for a strategic partner at Telephone Lake,” said chief executive Brian Ferguson, adding the decision to seek a partner was “never a financially driven process.”

“Based on the drilling results that we have seen over the past winter season, we’re really convinced we can…

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