Petronas to sell Canada asset

Canada

KUALA LUMPUR, October 5, 2017 – Malaysian NOC Petronas’ Canadian arm is seeking to divest from the Deep Basin in Canada’s Alberta province, international media reported on Thursday.

“Progress regularly reviews its assets to ensure alignment with the company’s strategy,” Progress Energy, a Petronas subsidiary, told Reuters, adding that the sale would aid it to invest more in the North Montney play in British Columbia.

BMO Capital Markets has been hired as an adviser for the divestment, a separate Reuters report on Wednesday claimed.

The sale comes months after Petronas cancelled the Pacific NorthWest LNG project in British Columbia in July, saying that it nevertheless remained committed to its portfolio in Canada.