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PO&G to go with the flow for Canbriam deal
Posted on Tuesday, 14 May 2019 13:31
Pacific Oil and Gas (PO&G) is acquiring Canadian private exploration and production company Canbriam Energy for an undisclosed sum.
The transaction has received unanimous approval from the target’s board of directors.
Headquartered in Calgary, Canbriam is billed as a private intermediate oil and gas firm, which focuses on finding and developing over-pressured, liquid-rich natural gas resources.
It mainly operates within the Western Canadian sedimentary basin, comprising its principal producing properties and acreage positions in the Altares and Kobes Montney regions of northeast British Columbia.
Canbriam has invested in technology to improve its environmental performance, including vapor recovery, waste heat recovery and a water treatment and recycling facility in North Altares.
Through the deal, PO&G will acquire the target’s natural gas processing plants and water handling infrastructure.
Furthermore, the purchaser gains access to Canbriam’s assets in the Montney region, which currently produces around 200.00 million cubic feet of natural gas daily, as well as 6,000 barrels of associated natural gas liquids per day.
Ratnesh Bedi, president of PO&G, said: “We welcome the opportunity to work in Canada and produce some of the cleanest natural gas, held to the highest environmental and technical standards in the world, and sharing that resource to offset greenhouse gas emissions around the globe.”
Paul Myers, chief executive of Canbriam, said the deal would help support the development of its Montey assets and position it for natural gas exports in the future.
Subject to the usual closing conditions and approvals required by Canada’s Competition Act, the transaction is expected to close before 1st July 2019.
Established in 2002, PO&G claims to be Asia’s leading energy resources development company, and develops and produces oil and gas on and around the Indonesian island of Sumatra.
Its activities also include midstream and downtown operations, including the China-based Xiamen combined cycle gas turbines power plant located in the Fujian province, which has a total capacity of 780 megawatts.
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