Dubai, 15 April (Argus) — The UK utility and gas company Centrica and Qatari state-owned energy firm QP have jointly bought C$1bn ($980mn) worth of upstream natural gas assets in Canada and established a new upstream partnership focusing on North America.
The two firms agreed to acquire a group of producing conventional natural gas and crude assets as well as associated infrastructure from Canadian integrated company Suncor Energy, Centrica said today. Centrica will operate the joint venture with a 60pc share, while QP will hold the rest. The joint acquisition is the first since the two companies signed an initial deal in 2011.
The assets have an estimated 978bn ft³ (27.7bn m³) equivalent of proven and probable reserves, with natural gas accounting for 90pc of the total. The properties are expected to produce 250mn ft³/d (2.6bn m³/yr) this year, Centrica said. The assets are mainly in south and central Alberta and are close to exiting Centrica properties. They include over 1mn acres (4,050km²) of undeveloped land where there is potential for more reserves and production, Centrica said.
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