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Petronas looking to sell oil and gas asset

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Reuters are reporting that Progress Energy, the Canadian unit of Petronas, announced on 5 October that it was looking to sell its Deep Basin oil and gas asset in the Canadian province of Alberta.

Petronas has enlisted BMO Capital Markets to advise on the sale of the asset.

“Progress regularly reviews its assets to ensure alignment with the company’s strategy,” Petronas said in a statement, 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 a significant growth opportunity for the company.

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