Suncor Energy (TSX: T.SU, Stock Forum) Monday said it has reached an agreement to sell the conventional portion of its natural gas business in Western Canada for $1 billion to a newly established partnership between Centrica plc and Qatar Petroleum International, this according to a company news release.
The company added that estimated production from this business in 2013 is approximately 42,000 boe/d, 90% of which is gas.
The properties being sold are situated across multiple regions in Alberta, northeast British Columbia and southern Saskatchewan. Excluded are the majority of Suncor's unconventional natural gas properties in the Montney region of British Columbia and the company's Wilson Creek, Alberta unconventional oil assets.