Devon Energy has decided to call it quits in the Canadian oilsands. The US-based company announced in a release Tuesday that it is pursuing “separation” of its Canadian assets. Devon Energy Canada Spokesperson Nadine Barber says the Canadian side of things now has a “For Sale” sign on it.
“Devon Canada is now initializing a process to separate from Devon Energy. Essentially, we are up for sale.”
Devon currently runs the Jacknife oil sands complex in the Christina Lake area. That operation produces around 105,000 barrels per day of bitumen. The company also runs heavy-oil wells in the Lakeland and near Lloydminster. Barber says the announcement does not mean job losses for now.
“[There is] No plan for Devon Canada to be doing any type of layoff prior to what the final transaction might look like.”
Barber says the company expects to be sold as a whole to another energy giant. Companies will get their chance at a bid starting in March. Barber says she can’t speculate when the deal will be done.
“It could be as quick as three, maybe four months. It could be as long as twelve months.”
Devon says the move from Canada is a way to “complete its transformation to a high-return U.S. oil growth business.”