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Post by
maple68on Jan 27, 2016 8:44pm
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Motney area getting HOT
Motney area getting HOT | UPDATE 1-Enbridge to buy some Murphy Oil gas plants in British Columbia | | 01/27/16 - 06:02 PM ET - Reuters | (Adds details)
Jan 27 (Reuters) - Enbridge Inc, Canada’s largest pipeline company, said it would buy Murphy Oil Corp’s Tupper Main and Tupper West gas plants in northeastern British Columbia for C$538 million ($382 million).
The deal includes the sale of plants capable of processing up to 320 million cubic feet per day, Enbridge said on Wednesday.
The assets would boost its natural gas footprint in Montney, one of the most attractive gas plays in North America, the company said.
The transaction, which is between Murphy Oil’s Canadian unit Murphy Oil Co Ltd and Enbridge unit Enbridge G&P Ltd Partnership, is expected to close in the second quarter.
Murphy Oil said that, in a separate deal, it would buy working interests in some of Athabasca Oil Corp’s assets in Alberta for C$475 million.
Murphy Oil will buy a 70 percent working interest in Kaybob Duvernay lands and 30 percent non-operated working interest in Montney lands, which would expand its presence in the North American unconventional shale business. ($1 = C$1.41) (Reporting by Anet Josline Pinto in Bengaluru; Editing by Kirti Pandey and Savio D’Souza)
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