Ontario Teachers’ Pension Plan is in talks to buy Canadian oil and gas royalty lands from Cenovus Energy for as much as $3 billion, Reuters reports.

In a statement on Friday, Cenovus says it’s in “discussions with a counterparty with respect to a potential sale of the assets.”

The company adds there is no assurance any agreement will result from the discussions.

“Until such time as it is appropriate to make a public announcement about a transaction, Cenovus does not intend to comment further on this matter,” the statement says.

Cenovus became an independent company when Encana split into two in 2009.

Encana divisted similar land assets when it spun off PrairieSky Royalty last year.

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