Repsol to sell Alberta oil assets to CPPIB-backed Teine Energy - Reuters

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Repsol (OTCQX:REPYF) (OTCQX:REPYY) has reached an agreement to sell 95K net acres of oil and gas producing land in Alberta to Canada Pension Plan Investments Board-backed Teine Energy, in a deal that could fetch up to C$400M, Reuters reported Tuesday.

The potential sale is said to include Repsol's heavy oil and gas producing assets, 1,120 miles of pipelines and supporting midstream infrastructure

Repsol (OTCQX:REPYF) (OTCQX:REPYY) and Teine have applied for regulatory approvals for the deal, which the companies expect to receive by the end of September, according to the report.

A sale would allow Repsol (OTCQX:REPYF) (OTCQX:REPYY) to divert cash and efforts in more prolific shale regions, such as the Eagle Ford shale play in the U.S., or boost renewables investments, the report said.

Repsol (OTCQX:REPYF) (OTCQX:REPYY) recently reported H1 GAAP earnings of €1.74/share on revenues of €40.2B.