Canada-based Imperial Oil will aquire a 50% interest in Celtic Exploration from ExxonMobil Canada for $1.55bn.
Celtic is currently in the process of being wholly owned by ExxonMobil Canada under a $3.1bn deal announced in October. Imperial will purchase its stake in the company once this transaction is completed.
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As part of the acquisition, Exxon Mobil will acquire 545,000 net acres in the liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and acreages in other regions of Alberta.
Production capacity of the acreage is 72 million cubic feet of natural gas per day, and 4,000 barrels of condensate and natural gas liquids per day.
According to Calgary-based Celtic, as of 31 December 2011 assets in the acreage are estimated to be about 128 million oil equivalent barrels of proved plus probable reserves, of which 24% is condensate and natural gas liquids, while 76% is natural gas.
Imperial Oil chairman and CEO Bruce March said that the acquisition will help the company to expand its strong resource base in Canada with a lucrative liquids-rich natural gas area.
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By GlobalData"We continue to leverage our strong balance sheet and solid financial position to grow the company through strategic resource capture in key opportunity areas," added March.
"This new venture represents a significant opportunity to leverage ExxonMobil’s expertise in shale gas development and add value for Imperial shareholders."
