QPI, Centrica Acquire Canadian Gas Fields for About USD 1 Billion

Doha, April 15 (QNA) - Qatar Petroleum International (QPI) the international arm of Qatar Petroleum and the UK-listed Centrica PLC have announced they agreed to jointly acquire a number of natural gas and oil fields and assets in Canada for 1 billion Canadian dollars (GBP 650 million). A joint press release said today that the acquired assets will be held in a joint venture that will be 40% owned by QPI and 60% owned by Centrica, with the latter acting as the operator. It added that the fields have proven reserves of 978 billion cubic feet of natural gas, and are forecast to produce about 250 million cubic feet of natural gas equivalent a day in 2013. The press release pointed that the deal includes over 1 million acres of unexplored territory with significant potential for reserves and production discoveries. The fields are located in the Canadian provinces of Alberta, north eastern British Columbia, it added. (QNA)