Malaysia's Petronas puts some Canadian assets up for sale
KUALA LUMPUR (Reuters) — Malaysian state energy firm Petroliam Nasional Berhad, or Petronas, is looking to sell some oil and gas assets owned by its Canadian unit Progress Energy, its adviser BMO Capital Markets said.
The potential sale marks a further retreat by Petronas in Canada after it scrapped plans for a $29 B LNG export project in British Columbia in July.
“BMO Capital Markets has been engaged by Progress Energy to assist with the sale of its Deep Basin assets in Alberta,” the bank said on its website under a section on deals it was working on.
The data room for the sale opens on Oct. 10 and bids are expected in early November, BMO said.
The asset on the block has a base production rate of about 5,500 boed and includes more than 400,000 gross acres in the Deep Basin with a 63% working interest, BMO said.
The sale would also include ownership in three gas plants and an extensive pipeline network, it said.
It was not clear when BMO was hired by the Petronas unit, but a document detailing the asset was dated October 2017.
Petronas was not immediately available for comment.
After cancelling the Pacific NorthWest LNG export terminal project in British Columbia, Petronas had said it was looking at other ways to generate revenue from its North American gas assets.
BMO describes the Deep Basin as an “undercapitalized asset with significant low-risk development potential.”
Reporting by A. Ananthalakshmi; Editing by Sonali Paul
- Gasum powers Equinor's platform supply vessel with bio-LNG
- ADNOC deploys pioneering AI-enabled process optimization technology
- Mexico Pacific announces long-term LNG SPA with POSCO International
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Golar LNG signs EPC deal for $2.2-B MK II FLNG conversion project
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Picarro launches handheld solution for natural gas leak investigation and closed-loop leak management
- Fincantieri LNG-powered Star Princess launched in Monfalcone
- Oman plans third LNG train, boosting domestic production to more than 15 MMtpy
- Brazil's fossil push undermines Lula's green ambitions
Comments