Petronas selling some Canadian assets

For illustration purposes only (Image courtesy of Petronas)

Malaysian energy giant and LNG player Petronas is looking to sell some of its oil and gas assets owned by its Canadian unit Progress Energy.

The move by Petronas comes just months after it ditched plans to build the $27 billion Pacific NorthWest LNG project on Lelu Island in Canada’s British Columbia province.

BMO Capital Markets said in a post on its website that it has been engaged by Progress Energy to assist with the sale of its Deep Basin assets in Alberta, Canada.

The data room for the sale will open on October 10 and bids are expected to be received in early November, according to an information memorandum.

The asset on the sale has a base production rate of about 5,500 barrels of oil equivalent per day (boepd) and includes more than 400,000 gross acres in the Deep Basin with a 63 percent working interest, BMO said.

The sale also includes ownership in three gas plants and an “extensive pipeline network.”


LNG World News Staff