Pacific Oil and Gas Ltd. (PO&G) has entered into a definitive agreement to acquire Canbriam Energy. The transaction, the companies say, will result in a well-capitalised Canadian growth platform strategically positioned to develop Canbriam’s premier, highly scalable and integrated asset base in the Montney, which is currently producing approximately 200 million cubic feet per day of natural gas, including 6,000 barrels per day of associated natural gas liquids.
The transaction includes Canbriam’s 100 percent owned and operated natural gas processing plants and water handling infrastructure which is ideally situated in northeast British Columbia to support natural gas export opportunities.
Canbriam is focused on applying technology to enhance its environmental performance including significant investments in water sourcing, distribution and recycling infrastructure that has minimised trucking requirements across its operations. Canbriam’s investments in technology, which include vapour recovery, waste heat recovery, solar power for electricity and utilising recycled water, demonstrate the responsible approach to development that Canbriam has taken to minimize GHG and fugitive emissions across its operations.
“Canada has the opportunity to become a leader in the global energy transition,” said Ratnesh Bedi, President of PO&G. “Canbriam is one of the lowest cost producers in the Montney and we look forward to partnering with Paul Myers and the entire team. We welcome the opportunity to work in Canada and produce some of the cleanest natural gas, held to the highest environmental and technical standards in the world, and sharing that resource to offset GHG emissions around the globe.”
Paul Myers, Canbriam’s President and Chief Executive Officer, stated: “This transaction supports ongoing development of our prolific Montney assets and aligns us for future natural gas export. We warmly welcome Pacific Oil and Gas as our new owner.”