Weekend Reads Petronas' Canadian unit says looking to sell oil and gas asset in Alberta

14:06  05 october  2017
14:06  05 october  2017 Source:   Reuters

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KUALA LUMPUR, Oct 5 (Reuters) - Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said on Thursday it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta .

Petronas is looking to sell its Deep Basin oil assets in Alberta , Canada . — AFP picKUALA LUMPUR, Oct 5 — Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said today it was looking to sell its Deep Basin oil and gas asset in the Canadian

nFILE PHOTO -- A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur © REUTERS/Olivia Harris/File photo nFILE PHOTO -- A logo of a Petronas fuel station is seen against a darkening sky in Kuala Lumpur

Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said on Thursday it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta.

Reuters reported on Wednesday that Petroliam Nasional, or Petronas, had enlisted BMO Capital Markets to advise on the sale of the asset, citing documents on the bank's website.

"Progress regularly reviews its assets to ensure alignment with the company's strategy," it said in an emailed statement to Reuters, adding that it decided to sell its Deep Basin asset following the most recent evaluation.

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KUALA LUMPUR, Oct 5 (Reuters) - Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said on Thursday it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta .

KUALA LUMPUR: Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Bhd, said on Thursday it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta . Reuters reported on Wednesday that Petroliam Nasional, or Petronas

The sale would allow Progress to focus on future investments in its North Montney assets in Canada's province of British Columbia, which represents "significant growth opportunity" for the company, it said.

The potential sale marks a further retreat by Petronas in Canada after it scrapped plans for the $29 billion Pacific NorthWest liquefied natural gas export project in British Columbia in July.

While Progress' Alberta asset produces oil and gas, the North Montney asset is rich in gas resources. Petronas acquired Progress Energy for $5.87 billion in 2012.

After the cancellation of the Pacific NorthWest project, Petronas had said it was looking at other ways to generate revenue from its North American gas assets.

"Despite what it looks like, Petronas' reported intent to sell off its Alberta oil and gas assets does not appear to signal that the firm is looking to exit from the Canadian upstream entirely," said Peter Lee, Asia oil and gas analyst at BMI Research.

He said the Alberta asset could be considered "non-core" as Petronas is focusing on developing its gas resources in Canada.

The funds raised from the Alberta sale will likely be re-invested in North Montney, Lee said.

(Reporting by A. Ananthalakshmi and Emily Chow; Editing by Christian Schmollinger)

Snowfall warning in effect for western Alberta .
Winter has arrived for some parts of Alberta. A snowfall warning is in effect for Hinton, Grande Cache, Whitecourt, Edson, Fox Creek, Swan Hills and the surrounding areas. 'It's been coming down in bucketfuls': Jasper ski area sees unprecedented early-season snowfallSnow will begin to accumulate in areas of central and western Alberta Tuesday morning and it will continue falling for a day or so, according to Environment Canada.By Thursday afternoon, these areas could see 15 to 20 cm of snow.Snowfall warnings are issued when significant snowfall is expected.

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