Latest news with #ProgressEnergyResources
Yahoo
3 days ago
- Business
- Yahoo
Petronas explores sale of $7bn Canadian business
Malaysian state energy company Petronas is considering the sale of its Canadian assets, potentially valued at between $6bn and $7bn, reported Bloomberg, citing people familiar with the matter. Sources have indicated that the company is working with a financial adviser to explore potential disposals including selling a minority stake, depending on the valuation. The Canadian business, formerly known as Progress Energy Resources, was acquired by Petronas in 2012 for approximately $5.3bn, enhancing the company's shale gas assets and gas supplies. However, no final decisions have been made regarding the sale and Petronas has not yet responded to requests for comment. The sale considerations come as Petronas faces financial challenges, with a reported net income decline of more than 30% in 2024, leading to job cuts starting this year. The company's Canadian operations are based in the North Montney basin in north-east British Columbia, and comprise reserves and contingent resources. Petronas also holds a 25% stake in the LNG Canada project, a joint venture (JV) with Shell, PetroChina, Mitsubishi and Korea Gas. This JV focuses on liquefied natural gas, highlighting Petronas's diverse energy interests. In April this year, Vista Energy Argentina acquired Petronas E&P Argentina, which held a 50% working interest in the La Amarga Chica unconventional concession in the Vaca Muerta shale formation. This acquisition was made from Petronas Carigali Canada and Petronas Carigali International, indicating ongoing strategic adjustments within Petronas' global operations. "Petronas explores sale of $7bn Canadian business" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Business Times
4 days ago
- Business
- Business Times
Petronas is said to weigh sale of US$7 billion Canada business
[KUALA LUMPUR] Petroliam Nasional (Petronas) is considering options for its Canadian company formerly known as Progress Energy Resources, including a sale, according to sources familiar with the matter. Petronas, as the Malaysian state energy firm is known, is working with a financial adviser on a potential disposal, the sources said, asking not to be identified because the deliberations are private. A transaction could value the Canadian business at US$6 billion to US$7 billion, they said. Petronas may also consider selling a minority stake in the business, depending on valuation, the sources said. The company has started sounding out preliminary interest from prospective buyers, they said. Considerations are ongoing and no final decisions have been made, they added. A Petronas spokesperson said the company is committed to its investments in Canada. Petronas bought Progress Energy for about US$5.3 billion in 2012, boosting the Kuala Lumpur-based firm's shale-gas assets and gas supplies. It also holds a 25 per cent stake in the LNG Canada project, a joint venture for liquefied natural gas in which Shell, PetroChina, Mitsubishi and Korea Gas also participate. Lower oil prices have hit Petronas, which reported a slide of more than 30 per cent in net income in 2024 and announced job cuts that will start taking place this year. Petronas Canada operates in the North Montney basin in northeast British Columbia and, together with joint venture partners, owns more than 800,000 gross acres of mineral rights with 53 trillion cubic feet of reserves and contingent resources, its website shows. BLOOMBERG
