QPI Makes Second Canada Move With UK’s Centrica

Qatar Petroleum International (QPI) has acquired 40% of UK firm Centrica’s Canadian natural gas business for C$200mn ($184mn). The new QPI assets will form part of the existing Centrica/QPI 60:40 joint venture, which was formed when the two firms jointly purchased conventional oil and gas assets in Canada from Suncor Energy last year.

According to Centrica’s website, the company produces about 430mn cfd across five assets in Canada.

QPI and Centrica first signed a memorandum of understanding targeting joint oil and gas projects in Canada in 2011. After the latest deal, QPI and Centrica’s interests in the Western Canadian Sedimentary Basin are fully aligned. In a statement, Nasir al-Jaidah, CEO of QPI, said: “We are pleased to have expanded our strategic alliance with our partner Centrica through this acquisition. This agreement demonstrates QPI’s strong commitment to further our existing global partnerships and forge new opportunities where possible.” (CONTINUED - 150 WORDS)