Centrica & Qatari firm $1bn oil and gas buy
British energy giant Centrica and Middle Eastern firm Qatar Petroleum International (QPI) have buying an oil and gas business in Canada for $1billion (£650m) in cash.
The pair announced today they will buy the majority of US firm Suncor Energy’s business in the Western Canadian Sedimentary Basin.
The assets overlap with some of Centrica’s existing fields and power plants in oil and gas power centre of Calgary. Centrica will operate and own 60% of the business and QPI will have a 40% share.
Centrica, the parent company of UK supplier British Gas also has six million residential and commercial customers in North America with its firm Direct Energy.
Wes Morningstar, Senior Vice President for Centrica in Calgary said: “Growing our upstream gas operations is an important step to ensuring the company is a solid long-term partner to millions of residential and business customers across North America.”
Read the full article here http://www.energylivenews.com/2013/04/15/centrica-qatari-firm-1bn-oil-and-gas-buy/
Source: Energy News Live