Centrica and Qatar Petroleum International (QPI) have completed a C$1 billion agreement with Suncor Energy to acquire a package of producing oil and natural gas assets in the Western Canadian Sedimentary Basin.

The assets include proven and probable (2P) reserves estimated by the partners at 978 billion cubic feet equivalent (90% natural gas), with estimated 2013 production of approximately 250 million cubic feet equivalent per day.

On behalf of the partnership, Centrica Energy will operate these assets, along with its existing portfolio, making it one of the top ten gas producers in the Western Canadian Sedimentary Basin. Centrica will operate 6,760 wells with proven and probable reserves of over 1,500 billion cubic feet equivalent, and employ around 600 people in Canada.

The package includes over 1 million acres of undeveloped land, a large seismic database and infrastructure, including gas processing plants.

Tags: Centrica plc, Qatar Petroleum International