Centrica, Qatar Petroleum Buy Suncor's Gas Assets in Canada

Centrica and Qatar Petroleum International (QPI), the international arm and wholly owned subsidiary of Qatar Petroleum (QP), have jointly acquired conventional natural gas and crude oil assets and associated infrastructure located in the Western Canadian Sedimentary Basin from Suncor Energy for C$1 billion ($987 million) in cash.

Excluded are the majority of Suncor's unconventional natural gas properties in the Montney region of British Columbia and the company's Wilson Creek, Alberta unconventional oil assets, Suncor said in a statement.

The assets will be held in a newly established partnership between Centrica (60% share) and QPI (40% share), which will be operated by Centrica. 

The assets include proven and probable (2P) reserves estimated by the partners at 978 billion cubic feet equivalent (bcfe) (90% natural gas), with estimated 2013 production of approximately 250 million cubic feet equivalent per day (mmcfe/d), equal to 15 million barrels of oil equivalent (mmboe) per annum.