US major ConocoPhillips initiated the sale of a 50% interest in several holdings in the Canadian oil sands earlier this week, but Conoco head Jim Mulva says this move “in no way diminishes or reduces the importance” of the play. Conoco has a significant presence in the Canadian oil sands and already has joint venture arrangements with Cenovus Energy at Foster Creek, Christina Lake and Narrows Lake and with Total at Surmont. However, the US firm is now looking to bring in an additional joint venture partner to take a 50% stake in its Thornbury, Clyden, Saleski, Crow Lake and McMillan Lake assets as well as half of its 50% interest in Surmont.
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