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Petronas' Canadian Unit to Sell Oil & Gas Asset in Alberta

Source: Reuters 10/5/2017, Location: North America

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Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta. Reuters reported on Wednesday that Petroliam Nasional, or Petronas, had enlisted BMO Capital Markets to advise on the sale of the asset, citing documents on BMO’s website.

“Progress regularly reviews its assets to ensure alignment with the company’s strategy,” it said in an emailed statement to Reuters, adding that it decided to sell its Deep Basin asset following the most recent evaluation. The sale would allow Progress to focus on future investments in its North Montney assets in Canada’s province of British Columbia, which represents “significant growth opportunity” for the company, it said.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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