Centrica has agreed a joint venture with Qatar Petroleum International (QPI) to acquire natural gas assets from Shell Canada for C$50million.
The assets are located in the Foothills region of Alberta.
In December 2011, Centrica and QPI agreed a memorandum of understanding to identify energy-related investments. The pair formed the CQ Energy Canada Partnership (CQE).
Since then the joint venture has made a number of significant deals including a C$1billion acquisition from Suncor.
In its most recent deal Shell will receive CQE’s interest in the Burnt Timber gas processing plant and its interest in the Waterton undeveloped lands in South West Alberta.
CQE estimates the natural gas takeover will boost the partnership’s production in the region by approximately 24mmcfe/d.
Last week, Centrica confirmed QPI had acquired 40% of its Canadian natural gas business for C$200million.