US independent Devon Energy has quit Canada after signing a C$3.8 billion (US$2.8 billion) deal with Canadian Natural Resources (CNR) to sell all its assets in the nation, writes Anamaria Deduleasa.
Under the deal, subject to regulatory approval, CNR will acquire Devon’s land and production assets in western Canada.
“The asset base consists of 100% operated long-life, low-decline thermal in situ production as well as 95% operated conventional primary heavy crude oil production, both adjacent to existing CNR assets,” CNR said.
