Petronas starting to market Alberta assets

A Petronas subsidiary has put non-core oil and natural gas assets in Alberta on the market, Kallanish Energy is reporting.

But the Malaysian state-owned energy company says it has no intention of abandoning Canada, even after the company last July scrapped plans to build British Columbia terminal for liquefied natural gas (LNG) shipments.

The company’s Progress Energy Canada subsidiary has hired BMO Capital Markets to direct the asset sale that includes three processing plants, plus leases, wells and pipelines.

“Definitely, I can say from the outset that withdrawing from Canada is not what is happening,” said Progress spokeswoman Eryn Rizzoli last week in a statement to CBC.

The company plans to monetize the North Montney Shale area, she told the media outlet.

Canada holds the second largest reserves in Petronas’ portfolio, after Malaysia.

Petronas had purchased Progress Energy in 2012 and it has been an active driller in western Canada.