Canada 's Cenovus Energy has reached an agreement to sell its Suffield oil and gas assets for $ 512 m to International Petroleum Corp. , its second deal this year as it moves ahead with its debt reduction plan following the $ 500 acquisition of oil sands assets from ConocoPhilips earlier this year . Calgary-based Cenovus said on Monday proceeds from the sale will be used to cut the $3.6 billion in debt it took on to buy oil sands assets from ConocoPhillips this year. Cenovus is investing $ 5bn from asset sales to pay down the debt $ 500 of debt it took on to finance the second deal . So far it has announced $ 1.5 billion in divestitures , including the latest sale . Analysts said the price tag for Suffield was within estimates , and that while the sale was positive for the company , other assets for sale may not be as attractive to buyers .
Canada 's Cenovus Energy has reached an agreement to sell its Suffield oil and gas assets for $ 512 m to International Petroleum Corp. , its second deal this year as it moves ahead with its debt reduction plan following the $ 500 acquisition of oil sands assets from ConocoPhilips earlier this year . Cenovus is investing $ 5bn from asset sales to pay down the debt $ 500 of debt it took on to finance the second deal . So far it has announced $ 1.5 billion in divestitures , including the latest sale . Analysts said the price tag for Suffield was within estimates , and that while the sale was positive for the company , other assets for sale may not be as attractive to buyers .