Gulf Oil and Gas accountACCOUNT

Centrica Agrees the Sale of its Canadian E&P Business

Source: www.gulfoilandgas.com 6/9/2017, Location: North America

The CQ Energy Canada Partnership, the Canadian E&P joint venture in which Centrica owns a 60% interest, is to be sold to a consortium comprising MIE Holdings Corp, The Can-China Global Resource Fund and Mercuria for a purchase price of C$722 million (£413 million) in cash. Centrica's net share of sale proceeds is expected to be approx. £240 million after adjustments.

In line with its strategy announced in July 2015, the divestment means Centrica's E&P activity will now be focused solely on European assets, with the Group having completed the sale of its gas assets in Trinidad and Tobago in May 2017.

The transaction is subject to customary regulatory approvals, including under the Canadian Competition Act and the Investment Canada Act, and is also subject to approval from MIE's shareholders. The transaction is expected to close in the second half of 2017.

Acquisitions and Divestitures News in Canada >>

Australia >>  3/26/2020 - 3D Oil has announced that ConocoPhillips Australia and TDO’s wholly owned subsidiary, 3D Oil T49P have executed a Joint Operating Agreement ('JOA') in...
Australia >>  3/26/2020 - Real Energy, an Australian east coast focused gas company with interests in the Cooper and Surat Basins has announced that the Queensland Government h...

Georgia >>  3/26/2020 - Block Energy Plc has entered into a sale and purchase agreement ("SPA") with Schlumberger B.V. to acquire its subsidiary Schlumberger Rustaveli Compan...
Congo >>  3/24/2020 - Zenith Energy Ltd., has entered into a conditional Deed of Variation (the "Deed of Variation") to amend the terms of the consideration (the "Considera...

Falkland Islands >>  3/19/2020 - Rockhopper Exploration plc (RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, provides the foll...
Brazil >>  3/18/2020 - Petrobras, following up on the release dated 01/15/2020, announces the beginning of the binding phase regarding the sale of its entire interest in two...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.