Centrica and Qatar Petroleum International (QPI) have completed the approximately $1bn acquisition of producing oil and natural gas assets from Suncor Energy in the Western Canadian Sedimentary Basin.
The acquired assets are expected to hold around 978 billion cubic feet of proven and probable gas reserves, with production capacity of around 250 million cubic feet equivalent per day.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
As part of the deal, UK-based Centrica will operate the assets, along with its existing assets situated in south and central Alberta, and in north-east British Columbia.
Centrica is expected to operate around 6,760 wells, which contain around 1,500 billion cubic feet of proven and probable gas reserves.
The acquisition also includes around one million acres of undeveloped land and a large seismic database and infrastructure including gas processing plants.
Centrica Energy Canada senior vice president Wes Morningstar said that the acquisition is part of the company’s growth plans to secure a leading position as a producer of natural gas.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"In partnership with QPI, we have a great base on which to build here in Canada and this new deal provides exciting development opportunities for our projects and our talented team of people, as we invest to develop our business further," Morningstar added.
Centrica has around 1,100 billion cubic feet of net proven and probable gas reserves in the Western Canadian Sedimentary Basin. QPI holds partnerships and joint venture initiatives in Africa, US, Canada, Singapore, UK, Italy and Vietnam.
