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Centrica-QPI JV Buys Select Alberta Gas Assets From Shell

|Includes: Centrica Plc (CPYYF)

A JV between Centrica and Qatar Petroleum International (QPI) has agreed to acquire select gas assets from Shell, located in the Foothills region of Alberta, for C$50 million (US$46 million). As part of the transaction, Shell will also receive JV's interest in the Burnt Timber gas processing plant and the Waterton undeveloped lands in South West Alberta.

The 2P reserves of the assets to be acquired stand at 90 Bcfe. Production in the region for the JV is expected to rise by approximately 24 MMcfe/d.

Centrica has entered into an agreement with Qatar Petroleum International to sell a 40% stake in its Canadian natural gas business.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.