Centrica and Qatar Petroleum International have completed a C$1 billion agreement with Suncor Energy to acquire Western Canadian oil and gas assets
Calgary, AB (09/26/2013) - 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.