Petronas to sell some of its Deep Basin assets in Alberta

By zaymalz malz

Malaysian state-owned energy company Petronas has announced its plans to sell some of its oil and gas assets in Alberta’s Deep Basin, currently owned by its Canadian subsidiary Progress Energy.

The assets that it has listed include 400,000 acres of land within the Deep Basin, with three gas plants and a significant pipeline network situated within this.

Progress Energy currently has a 63% interest in the Deep Basin region that produces approximately 5,500 barrels of oil per day.

See also:

The company has hired BMO Capital Markets, a leading North American investment banking company, to assist in the sale.

“BMO Capital Markets has been engaged by Progress Energy to assist with the sale of its Deep Basin assets in Alberta,” the bank revealed on its website, describing the Deep Basin as an “undercapitalised asset with significant low-risk development potential”.

The news comes as part of a wider Canadian retreat from Petronas, having scrapped its plans to build a C$36bn liquefied natural gas export facility in British Columbia back in July.

Having pulled out of the Pacific LNG export terminal in the northwest of the country, Petronas announced that it would be looking at other ways to generate revenue from its regional assets.

Share

Featured Articles

PwC's Kathryn Kaminsky – the role of boards on social issues

As Vice Chair Trust Solutions Co-Leader at PwC, Kathryn Kaminsky says boards play an important role in helping businesses take action on social issues

Why your business needs a Chief Transformation Officer

Responsible for driving growth and change, the Chief Transformation Officer is the latest addition to the C-suite as business undergoes major change

12 top AI and ML trends for the enterprise in 2023 – Dataiku

With 2023 likely to be a huge year for AI, experts from AI platform provider Dataiku deliver their enterprise AI and ML trends for the year ahead

From NYC to Hong Kong, the rise of the private members' club

Leadership & Strategy

Meet the CEO: Jill Stelfox of Panzura, exclusive interview

Leadership & Strategy

The best Michelin-starred restaurants that are meat-free

Sustainability