CNA: Centrica plc: Centrica and QPI to acquire further gas assets in Canada
UK Regulatory Announcement
15 May 2014
Centrica and QPI to acquire further gas assets in Canada
CQ Energy Canada Partnership (CQE), the joint venture between Centrica plc and
Qatar Petroleum International (“QPI”), has agreed to acquire a package of
natural gas assets in the Foothills region of Alberta from Shell Canada Energy
for C$50million (£27 million).
As part of the transaction Shell will also receive CQE’s interest in the Burnt
Timber gas processing plant and its interest in the Waterton undeveloped lands
in South West Alberta.
CQE estimates that the assets to be acquired have 2P reserves of 90bcfe and
will increase the partnership’s production in the region by approximately
Notes to editors
*The effective date of the transaction is 1 March 2014.
*In December 2011, Centrica and QPI signed a Memorandum of Understanding to
seek opportunities to invest jointly in energy-related investments.
*In April 2013, Centrica and QPI announced the C$1 billion acquisition from
Suncor of a package of producing conventional natural gas and crude oil
and associated infrastructure in the WCSB. The acquisition was made
through the CQ Energy Canada Partnership (Centrica holding a 60 per cent
operator stake and QPI holding a 40 per cent stake).
*Last week, Centrica plc and Qatar Petroleum International announced they
had reached an agreement whereby QPI will acquire 40 per cent of
Centrica’s wholly owned Canadian natural gas business for C$200 million
(£107 million). The assets will also be placed into the CQEnergy Canada
Centrica Investor Relations: 01753 494900
Centrica Energy Media Relations: 07789 570598
Press spacebar to pause and continue. Press esc to stop.