ConocoPhillips yesterday agreed to hand-over to oil sands a natural gas assets Cenovus Energy Inc for C$17.7 billion.

Canada's oil sands hold the world's 3rd-largest crude reserves struggling in Operating costs, also competition as U.S. shale plays in a $50-a-barrel oil price environment.

Multi Management and Future Solutions : ConocoPhillips on Wednesday consented to offer oil sands and western Canadian gaseous petrol resources for Cenovus Energy Inc for C$17.7 billion ($13.3 billion), making it the most recent universal oil major to pull once again from the locale. 

For Calgary-based Cenovus, among Canada's biggest makers, the arrangement duplicates its creation to 588,000 barrels of oil comparable every day as it takes full responsibility for fundamental oil sands resources in northern Alberta. 

ConocoPhillips will offer its 50 percent enthusiasm for the Foster Creek Christina Lake oil sands association, which Cenovus as of now works, and also the larger part of its western Canada Deep Basin regular gas resources. 

The U.S. oil significant will hold its 50 percent enthusiasm for the Surmont oil sands extend, a joint wander with Total E&P Canada, and its fluids rich Blueberry-Montney shale resources. 

The divestment, the biggest in ConocoPhillips' history, was sudden on Wall Street however comes as the organization has felt obligated to cut its obligation. Its shares hopped more than 6 percent in night-time exchanging. Shares of Cenovus tumbled more than 7 percent. 

The arrangement, the fifth-greatest in the Canadian vitality segment as per Thomson Reuters information, comes weeks after Royal Dutch Shell and Marathon Oil Corp sold off billions of dollars in oil sands resources and adds to vulnerability over future advancement in the fix. 

Canada's oil sands hold the world's third-biggest unrefined saves additionally convey a portion of the most elevated working expenses all inclusive, and are attempting to contend with less expensive U.S. shale plays in a $50-a-barrel oil value condition.

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