Canadian oil and gas pipeline company TC Energy is considering divesting assets worth approximately C$5bn ($3.7bn) to cut debt and fund new projects.

In a conference call to discuss results from the third quarter of 2022, TC Energy CEO François Poirier said that the company is planning to divest discrete assets and/or minority interests in 2023.

Poirier was quoted by CBC via The Canadian Press saying: “And being opportunity opportunity-rich means we expect to sanction additional high-quality growth projects that will further differentiate TC Energy as an industry leader.

“So, there is a need to balance our sources and uses of capital, without the reliance on further external equity.”

TC Energy also expects the divestment programme to accelerate some of its efforts to reduce greenhouse gas emissions by 30% by 2030 and reach its net-zero emissions target by 2050.

One of the projects under development by TC Energy include the C$11.2bn Coastal GasLink pipeline.

Planned to be completed by 2025, the pipeline will supply Shell LNG Canada’s liquefied natural gas (LNG) export terminal in British Columbia.

The firm reported a net income of C$841m for the third quarter of 2022, compared with C$779m in the same period a year ago.

Poirier said: “We remain opportunity rich, with a portfolio of $34bn in fully sanctioned secured capital projects that will support long-term sustainable comparable EBITDA growth, and an expected annual dividend growth rate of 3% to 5%.

“Along with increased cash flows, capital rotation will increase in its prominence to fund accretive growth opportunities, accelerate our deleveraging priorities, and deliver incremental value to our shareholders.”