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Centrica ups Canadian gas stakes
Posted 09.12.2011 08:26:37 av John Bradbury
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British-based Centrica is expanding in its global footprint by buying up Canadian gas sector assets.

Centric is to to pay Can $58 million (£37 million)  in cash to acquire assets owned by EnCana in west central Alberta.

The deal is being done through Centrica's North American arm, Direct Energy and involves up to 80 producing wells and a gas processing plant in the Carrot Creek area of Alberta.

For Direct Energy, the deal represents an additional 25.6 billion cubic feet equivalent of proven and probable reserves, a 4% increase on its existing reserves which are split 2% gas and 68% liquids.

Carrot Creek is 160 kilometres (100 miles) west of Edmonton and lies near the Cardium oil development in which Direct Energy is already involved.

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