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
Advanced Tech Not Delivering Results? Get Skillsets Up to Speed, EY Says
2025-03-03 - The EY Future of Energy Survey found that a skill gap runs across the oil and gas industry, making it difficult for advanced technologies to deliver on their promised results, an EY executive said.
What's Affecting Oil Prices This Week? (March 3, 2025)
2025-03-03 - For the upcoming week, Stratas Advisors expects oil prices to continue bouncing around but overall trend upward.
NextDecade Plans 3 More Trains at Rio Grande LNG
2025-02-28 - Houston-based NextDecade continues to build the Rio Grande LNG Center in Brownsville, Texas, as its permits filed with the Federal Energy Regulatory Commission continue to go through the legal process.
Diversified Closes Summit Natural Resources Deal for $42MM
2025-02-27 - Diversified Energy Co. Plc closed its deal with Summit Natural Resources to buy operated natural gas assets and midstream infrastructure for approximately $42 million, the company said Feb. 27.
Vår Energi Makes Third Oil Discovery in Barents Sea
2025-02-27 - Vår Energi has discovered a third offshore oil reserve in the Goliat area of the Norwegian Continental Shelf as part of an exploratory collaboration with Equinor.