Petronas unit to acquire Progress Energy

By OGJ editors

Petronas Carigali Canada Ltd. agreed to acquire Progress Energy Resources Corp. for $5.5 billion (Can.), including debt.

Finalization of the proposed transaction needs approval of Progress Energy's shareholders as well as the Canadian government. The Progress Energy board already said it approves of the deal.

Progress owns shale fields in the provinces of British Columbia and Alberta. The combined company’s Canadian operations are expected to remain in Calgary for upstream activities with a commercial office in Vancouver for LNG.

Last year, Petronas and Progress Energy formed a joint venture to develop a portion of Progress' Montney shale assets in the foothills of northeast British Columbia.

Both companies said they wanted to consider opportunities to develop LNG export capacity on the west coast of British Columbia.

In making the acquisition announcement, Petronas and Progress said they plan to build a terminal in Prince Rupert, BC.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected