PO&G acquires Canbriam Energy
May 14, 2019
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Pacific Oil and Gas Ltd. (PO&G) today announced the acquisition of Canbriam Energy Inc.
“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.”
Montney currently produces approximately 200 million cubic feet per day of natural gas, including 6,000 barrels per day of associated natural gas liquids. The deal also includes Canbriam’s 1natural gas processing plants and water handling infrastructure.
“This transaction supports ongoing development of our prolific Montney assets and aligns us for future natural gas export,” said Paul Myers, Canbriam’s president and CEO.“We warmly welcome Pacific Oil and Gas as our new owner.”
According to the joint press release, Canbriam’s investments in technology – which include vapour recovery, waste heat recovery, solar power for electricity and utilizing recycled water – demonstrate the responsible approach to development that Canbriam has taken to minimize GHG and fugitive emissions across its operations.