May 19, 2020

Cenovus agrees $625mn deal to part with Alberta oil and gas assets

Canada
Energy
Alberta
sarahako ako
2 min
Cenovus agrees $625mn deal to part with Alberta oil and gas assets

The Calgary-based oil company, Cenovus Energy, has announced it is parting with its northern Alberta oil and gas assets in a bid to decrease its $9.5bn debt, Financial Post reports.

It was confirmed in a press release last night (9 August) that NuVista Energy is set to purchase the company.

The agreement is set to cost $625mn and includes its Pipestone and Wembley natural gas and liquids production, as well as the firm’s 39% interest in Wembley’s gas processing facility.

Cenovus has confirmed it will continue to promote its other ventures in order to clear the debt of its acquisition of oilsands and conventional assets from ConocoPhillips in 2017.

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Following the purchase, the firm sold a number of its holdings after the $17.7bn takeover of oil sands and natural gas properties.

NuVista revealed that it will fund the acquisition through utilising its credit facilities, a $384mn offering of subscription receipts followed by a private placement of up to $35mn in common shares which are said to be issued on a “flow-through” basis.

The firm continues that the purchase will include production of approximately 9,600 barrels of oil equivalent a day and similar infrastructure.

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Jul 5, 2021

CGI: Driving local solutions with global expertise

CGI
City of Mesa
3 min
Embrace digital transformation and infuse it with a spirit of agility, says Aleta Jeffres, CGI Vice President Consulting Services

Embrace digital transformation and infuse it with a spirit of agility, is the message to the public sector from Aleta Jeffress, CGI Senior Vice President Consulting Services.

“We partner with clients to drive value and innovation,” said Jeffress who has been working with the US City of Mesa, AZ on their digital journey for their local citizens.

Founded in 1976, CGI is one of the largest IT and business consulting services firms in the world. It is insights-driven and outcomes-based to help accelerate return on investments. CGI operates across 21 industries in 400 locations and provides scalable and sustainable services that are informed globally and delivered locally.

“We have expertise in developing and executing strategies to help companies transform their IT to align with the business through cloud strategies, application rationalization, modernization and outsourcing,” said Jeffress speaking from the Denver CGI offices.

“Digital change can be exhausting, but take the opportunity to embrace it and look for new opportunities,” said Jeffress who pointed out projects should have a sense of agility and specific focus on the end-user.

“This can be a big culture change for some clients but by making sure your implementations are not a big bang theory but you can take smaller chunks which you’re able to do over and over again as it's just going to continue to evolve,” she said.

Informed globally and delivered locally

Commenting on CGI’s partnership with the City of Mesa, Jeffress said: “We are providing a solution that has a lower cost of ownership and helps them streamline business processes and helps increase efficiency. 

“The City sought a single source of truth for their ERP business processes. With CGI Advantage, they found a partner in their digital transformation journey with a configurable, unified solution that supports their HR, financial management, and performance budgeting business processes.  

“With CGI Advantage, the City is working with a single source of truth that lowers total cost of ownership, streamlines business processes, and increases efficiency - additional benefits include: 

• A decrease in customizations and staffing requirements resulting in faster upgrade cycles. 

• Empowering HR resources to focus on strategic efforts by removing the need for manual and duplicate data entry. 

• Increased accuracy with reporting. 

• Process improvements shifting from customized or paper-based processes to automated processes. 

• Increased pay transparency and accuracy by leveraging process improvements and configurable support 

A trusted partner 

CGI is a company that focuses very intently and very intentionally on delivery - that is something that really sets us apart,” said Jeffress. 

“We have an internal process where we meet with clients twice a year to ask a specific set of questions. How our clients answer those questions allows us to be sure we are aligned and can be a trusted partner with all of our clients.”

“As an international company, we can provide key resources when our clients need it in a very timely manner,” she said.

Reflecting on the challenges posed by COVID-19 Jeffress said there had been a true evolution in technology services.

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