OTPP to Acquire Oil and Gas Royalty Business of Cenovus Energy

Calgary-based Cenovus Energy Inc., Canada’s second largest independent oil producer, agreed to sell its portfolio of oil and gas royalty properties in Western Canada to Teachers’ Natural Resources Group, a unit of Ontario Teachers’ Pension Plan (OTPP), for C$ 3.3 billion (US$ 2.66 billion). Highlighted by SWFI’s Sovereign Wealth Fund Transaction Database, OTPP has taken a liking to more direct investments into the energy sector. The pension views the asset as a possible hedge against unexpected inflation.

Cenovus is selling its Heritage Royalty Limited Partnership, which consists of approximately 4.8 million gross acres of royalty interest and mineral fee title lands in Alberta, Saskatchewan and Manitoba. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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