One of Canada’s largest oilsands producers is now active in the prolific Montney liquids-rich natural gas play. But it’s not going to be through its own drilling.
The company, which sold off the bulk of its natural gas assets in 2013, is now a 37 percent owner of Canbriam Energy, a midsize producer targeting the Montney in northeast British Columbia.
In a deal that is now closed, in exchange Canbriam will get all of Suncor's northeast B.C. mineral lands and $52 million.
The privately held company produced an average of 35,000 boe/d in December, 15 percent of which was natural gas liquids, according to its most recent investor presentation.
“This transaction is fully consistent with our philosophy of natural developer, so placing the assets in the hands of those with the best technical expertise and focus to develop them, both safely and efficiently,” Suncor CEO Steve Williams said when the deal was announced in February.
“And it allows us to share in the new value that’s created while maintaining our focus on our core areas.”
Canbriam has also added two Suncor representatives to its board of directors.
