Petronas’ Canadian unit says looking to sell oil and gas asset in Alberta

KUALA LUMPUR: Progress Energy, the Canadian unit of Malaysian state energy firm Petroliam Nasional Berhad, said on Thursday it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta.

Reuters reported on Wednesday that Petroliam Nasional, or Petronas, had enlisted BMO Capital Markets to advise on the sale of the asset, citing documents on BMO’s website.

“Progress regularly reviews its assets to ensure alignment with the company’s strategy,” it said in an emailed statement to Reuters, adding that it decided to sell its Deep Basin asset following the most recent evaluation.

The sale would allow Progress to focus on future investments in its North Montney assets in Canada’s province of British Columbia, which represents ”significant growth opportunity” for the company, it said. - Reuters