BMO hired to sell some Progress Energy assets, anchored by Deep Basin lands
TORONTO — BMO Capital Markets says it has been hired by Progress Energy to assist with the sale of production lands, gas plants and an extensive pipeline network in Alberta.
A sale of assets would be the latest retreat from Canada for Petronas, a Malaysian state-owned energy company that bought Progress Energy in 2012.
Petronas announced in July that it no longer planned to build a liquefied natural gas terminal in British Columbia due to changed market conditions.
BMO Capital’s website says it’s handling the sale of Progress Energy assets that produce the oil-equivalent of about 5,500 barrels per day, including natural gas.
It says the assets include Progress Energy’s rights to about 400,000 gross acres in Alberta’s Deep Basin region, other lands, and related assets such as three gas plants.
The Canadian Press
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