Cenovus floated as potential competing bidder for hostile takeover target MEG Energy

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By News Room 7 Min Read

CALGARY – Oilsands giant Cenovus Energy Corp. has been cited by industry watchers as one of the potential competing bidders for MEG Energy Corp., which has spurned an unsolicited offer from Strathcona Resources Ltd. and launched a formal review of alternative options. 

MEG and Cenovus have neighbouring flagship oilsands projects south of Fort McMurray, Alta., at Christina Lake that use steam wells to draw the bitumen from underground. So from an operational perspective, it would make sense for Cenovus to want to further scale up and capture cost-savings and efficiencies, said Dane Gregoris, managing director of Enverus’s oil and gas research group. 

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