Energy giant Centrica today announced the sale of its exploration and production (E&P) business in Canada.
Centrica said the divestment meant its E&P activity would be focused entirely on the North Sea.
The company previously said it would invest between £400million and £600million per year in E&P.
All of those funds will be spent in the North Sea following the sale of CQ Energy Canada Partnership.
A consortium made up of MIE Holdings, Can-China Global Resource Fund and Mercuria will buy CQ for £413million.
Centrica stands to receive £240million for the sale of its 60% stake in the joint venture.
The transaction is expected to close in the second half of 2017.
It follows last month’s sale of its oil and gas assets in Trinidad and Tobago.
CQ was formed following the joint acquisition of a portfolio of conventional natural gas and oil assets from Suncor Energy in September 2013.
It owns producing assets located throughout Alberta, Saskatchewan and British Columbia, 11 processing facilities, more than two million net acres of land and in excess of 12,000kilometres in gathering systems.
The management team and employees at CQ are expected to be offered roles with the new owner.
Centrica has interests in the Danish, Norwegian and UK sectors of the North Sea.
Last month, Energy Voice revealed Centrica’s plans to extend production from the Chestnut field, 125 miles north-east of Aberdeen, safeguarding 70 offshore jobs in the process.
Other investments include a stake in the southern North Sea Cygnus project, which delivered first commercial gas in December 2016.
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