Petronas further retreats from Canada adventure

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Petronas Twin Towers

Reuters reported that Petroliam Nasional Bhd (Petronas) is looking to sell some oil and gas assets owned by its Canadian unit Progress Energy, its adviser BMO Capital Markets said.

The potential sale marks a further retreat by Petronas in Canada after it scrapped plans for a US$29 billion (RM122.38 billion) liquefied natural gas export project in British Columbia in July.

The asset on the block has a base production rate of about 5,500 barrels of oil equivalent per day and includes more than 400,000 gross acres in the Deep Basin with a 63% working interest, BMO said.

The sale would also include ownership in three gas plants and an extensive pipeline network, it said.