Centrica PLC said it will focus its exploration and production activity solely on European assets as it sells its 60% interest in a Canadian joint venture.
The CQ Energy Canada Partnership is to be sold to a consortium that includes MIE Holdings Corp., The Can-China Global Resource Fund, and Mercuria.
Centrica’s net share of sale proceeds is expected to be about £240 million. The transaction is subject to customary regulatory approvals, and is expected to close by yearend.
Centrica completed the sale of natural gas assets in Trinidad and Tobago in May (OGJ Online, May 30, 2017).