Centrica Plc and Qatar Petroleum International Ltd. (QPI), the international arm and wholly owned subsidiary of Qatar Petroleum, expanded their strategic alliance in North America, the companies announced May 8.
QPI will acquire 40% of Centrica’s Canadian natural gas business for C$200million (US$183.7 million). The assets will be placed into Centrica and QPI’s existing 60:40 venture, the CQ Energy Canada Partnership, and will sit alongside assets that were jointly acquired from Suncor Energy Inc. (NYSE: SU), announced in April.
This transaction is the second under the memorandum of understanding signed between the two parties in December 2011, and fully aligns Centrica and QPI’s interests in the Western Canadian Sedimentary Basin.
“I am delighted that we are further strengthening the relationship between Centrica and QPI. We look forward to continuing to work together as we consider investment opportunities in gas and power on both sides of the Atlantic," said Sam Laidlaw, Centrica CEO, in a May 8 press release.
Centrica is based in Windsor, England. Qatar Petroleum is based in Doha, Qatar.
Recommended Reading
Talos Ups Buybacks, Pays Down Debt Post $1.29B QuarterNorth Deal
2024-07-22 - Talos Energy said it repaid $325 million in debt since closing its $1.29 billion cash-and-stock acquisition of E&P QuarterNorth in March.
Equinor Subsidiary Contracts Valaris Drillship Offshore Brazil
2024-07-22 - Valaris and Equinor Energy do Brasil’s multi-year contract is valued at approximately $498 million.
Pemex Targets Debt Declining Below $100 Billion This Summer
2024-07-19 - Mexico’s state-owned Pemex, the world’s most indebted company, is targeting a total debt below the $100 billion mark this summer—the first time in 10 years that the company’s debt would be below that level.
Offshore, Middle East Buoys SLB’s 2Q as US Land Revenue Falls
2024-07-19 - Driven by a strong offshore market and bolstered by strategic acquisitions and digital innovation, SLB saw a robust second quarter offset by lower drilling revenue in the U.S.
Halliburton Sees NAM Activity Rebound in ‘25 After M&A Dust Settles
2024-07-19 - Halliburton said a softer North American market was affected by E&Ps integrating assets from recent M&A as the company continues to see international markets boosting the company’s bottom line.