Petronas Denies Reports Of Exiting Canadian Market
Malaysia's national oil company, Petronas, has denied recent media speculation that it is planning to exit the Canadian market by divesting its US$7 billion business.
Reports, initially published by Bloomberg, suggested that Petronas was considering selling its entire Canadian operations or a minority stake, depending on market valuation. According to these reports, the company had begun exploring preliminary interest from potential buyers, though no final decisions had been made. A Petronas representative was not immediately available for comment at the time the initial reports surfaced.
Petronas's significant investment in Canada dates back to 2012 when it acquired Progress Energy for approximately US$5.3 billion. This acquisition bolstered the Kuala Lumpur-based firm's shale gas assets and gas supply capabilities. Beyond Progress Energy, Petronas also holds a 25% stake in the LNG Canada project, a major liquefied natural gas joint venture that includes Shell Plc, PetroChina Co. Ltd., Mitsubishi Corp., and Korea Gas Corp.
The potential for such a divestment had been framed against a backdrop of challenging financial conditions for Petronas. The company reported a more than 30% decline in net income in 2024, attributed to lower oil prices, and has announced job cuts beginning this year.
Petronas Canada's operations are concentrated in the North Montney basin in northeast British Columbia. Through its joint ventures, the company possesses over 800,000 gross acres of mineral rights, holding an estimated 53 trillion cubic feet of reserves and contingent resources, as detailed on its website. Related
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