Centrica of Britain and Qatar Petroleum International has purchased gas and oil assets previously owned by Suncor Energy. The assets are located in Canada and is worth of Can$1 billion or US$987 billion.
The assets have the potential to produce shale gas and is the first joint investment for the largest energy supplier in Britain and the biggest liquefied natural gas exporter. The agreement is based on a signed memorandum of understanding back in December 2011.
This is clearly indicated how Middle East gas and oil producers are getting a part of the unconventional oil and gas production in North America that has hit their bottomline. This new partnership would have Centrica owning 60% while QPI owns 40%.
According to Centrica CEO Sam Laidlaw, "The acquisition provides attractive returns in a region we know well and significantly increases the size and quality of our portfolio."
As for QPI, its CEO Nasser Al-Jaidah, "This investment in the Western Canadian Sedimentary Basin is a significant step in the development of QPI's global upstream business."
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