Woodfibre LNG Owner To Buy BC Gas Assets
Pacific Oil & Gas, the Indonesian private company that is developing the 2.1mn mt/yr Woodfibre LNG project in BC, said May 13 it had reached a definitive agreement to acquire privately-held Calgary producer Canbriam Energy.
In a statement, Pacific Oil & Gas president Ratnesh Bedi said the transaction would result in a well-capitalised Canadian growth platform “strategically positioned” to develop Canbriam’s integrated asset base in the prolific Montney shale gas area of BC and Alberta. There, Canbriam is producing about 200mn ft3/day of natural gas and 6,000 b/d of associated natural gas liquids.
“Canada has the opportunity to become a leader in the global energy transition,” Bedi said. “Canbriam is one of the lowest cost producers in the Montney and we look forward to partnering with Paul Myers and the entire team. We welcome the opportunity to work in Canada and produce some of the cleanest natural gas, held to the highest environmental and technical standards in the world, and sharing that resource to offset GHG emissions around the globe.”
The transaction will be completed by way of an exempt takeover bid, and is expected to close prior to July 1, subject to the satisfaction of customary closing conditions and approvals required under the Competition Act.