Suncor Energy

Suncor Energy to sell natural gas assets in British Columbia


New Statesman
Published 11 February 2010
Suncor Energy has reached an agreement with Progress Energy Resources (Progress Energy) to sell certain natural gas properties in British Columbia for approximately $390m.
Current production on these lands is approximately 43.8 million cubic feet equivalent per day (mmcfe/d).
The sale includes properties known as Jedney, Beg and Blueberry. The sale is expected to close at the end of the first quarter of 2010 and is subject to closing conditions and regulatory approvals typical of transactions of this nature.
As part of its business alignment, Suncor Energy plans to divest a number of non-core assets. The proposed divestments include certain natural gas assets in Western Canada and the US Rockies, all Trinidad and Tobago assets, and certain non-core North Sea assets, including all assets in the Netherlands.
To date, including the US Rockies assets and the assets in British Columbia, Suncor Energy has reached agreements to dispose assets for aggregate consideration of approximately $907m.