Centrica and QPI complete C$1billion acquisition from Suncor

CALGARY, Alberta, Sept. 26, 2013 /CNW/ - Centrica and Qatar Petroleum 
International (QPI) have today completed a C$1 billion agreement with Suncor 
Energy to acquire a package of producing oil and natural gas assets in the 
Western Canadian Sedimentary Basin. 
The assets include proven and probable (2P) reserves estimated by the partners 
at 978 billion cubic feet equivalent (90% natural gas), with estimated 2013 
production of approximately 250 million cubic feet equivalent per day. 
On behalf of the partnership, Centrica Energy will operate these assets, along 
with its existing portfolio, making it one of the top ten gas producers in the 
Western Canadian Sedimentary Basin. Centrica will operate 6,760 wells with 
proven and probable reserves of over 1,500 billion cubic feet equivalent, and 
employ around 600 people in Canada. 
The package includes over 1 million acres of undeveloped land, a large seismic 
database and infrastructure, including gas processing plants. 
Wes Morningstar, Senior Vice President, Centrica Energy Canada said: "Today's 
announcement marks the most significant step in our growth plans to date, 
securing our position as a leading producer of natural gas. 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.? 
Notes to Editors: 


    --  This transaction was announced on 15 April 2013.
    --  The acquisition will be made through CQ Energy Canada
        Partnership, a newly formed Canadian partnership owned by
        Direct Energy Resources Partnership (60%), a wholly owned
        subsidiary of Centrica plc, and QPI Energy Canada Ltd. (40%), a
        Canadian corporate entity wholly owned by QPI.
    --  The economic date of the transaction is 1 January 2013.
    --  Centrica's net proven and probable reserves in the Western
        Canadian Sedimentary Basin are now over 1,100 billion cubic
        feet equivalent.
    --  QPI was established in 2005 as a wholly-owned subsidiary of
        Qatar Petroleum ("QP"), the state-owned national oil company of
        the State of Qatar. QPI was established to promote and advance
        the interest of the State of Qatar in the global energy arena
        of upstream, downstream, and gas and power. QPI's multibillion
        portfolio of investments are global in scope, including
        partnerships and joint venture initiatives in Africa, North
        America (The United States and Canada), Singapore, the United
        Kingdom, Italy and Vietnam. For more information on QPI:
        www.qpi.com.qa



SOURCE  Centrica 
Jeff Lanthier, Centrica Energy Canada Media Relations, 905 943-6260, 
Jeff.Lanthier@directenergy.com 
http://www.centrica.com 
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CO: Centrica
ST: Alberta
NI: UTI OIL MNA  
-0- Sep/26/2013 22:50 GMT