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Qatar company grabs Canadian gas assets

Centrica sells stake in Canadian gas business to Qatar Petroleum.
By Daniel J. Graeber   |   May 8, 2014 at 10:15 AM   |   Comments

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LONDON, May 8 (UPI) -- British energy company Centrica said Thursday it sold 40 percent of its natural gas business in Canada to a subsidiary of Qatar Petroleum for $183 million.

Qatar Petroleum International, the subsidiary, acquired the interest in Centrica's operations in western Canada. The British company said the partnership will have 1.6 trillion cubic feet of proven and probable reserves with a production rate of 390 million cubic feet of gas equivalent per day.

The assets will be placed into an existing joint venture between Centrica and Qatar Petroleum International, CQ Energy Canada Partnership,

Nasser al-Jaidah, QPI's chief executive, said the acquisition gives his company a solid footing in the North American market.

The deal is the second such transaction made since both sides signed a memorandum of understanding for western Canadian interests in 2011.

"We look forward to continuing to work together as we consider investment opportunities in gas and power on both sides of the Atlantic," Centrica Chief Executive Sam Laidlaw said in a statement.

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