Progress completes acquisition of Montney acreage

Progress Energy Canada Ltd., a wholly owned subsidiary of Malaysian national oil and gas company Petronas, has acquired acreage in northeast British Columbia’s Montney basin from Talisman Energy Inc. for $1.5 billion (Can.).

In an existing agreement with Talisman, partner Sasol would have been able match the Progress bid within 30 days of the notice from Talisman, but Sasol opted not to exercise its right of first refusal.

Progress and Sasol now will work as partners in the development of shale gas in the Montney.

The deal, first reported in November, includes 127,000 net acres of Montney lands in two Montney-related partnerships from Talisman, producing 11,000 b/d of oil equivalent as of Oct. 1 (OGJ Online, Nov. 11, 2013).

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

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