OREANDA-NEWS. July 05, 2012. PETRONAS, via its subsidiary PETRONAS Carigali Canada Ltd, has reached an agreement to acquire Progress Energy Resources Corporation (Progress) for about CAD5.5 billion, reported the press-centre of PETRONAS.
 
The agreement was signed today in Calgary, Canada. Signing on behalf of PETRONAS was its Executive Vice President of Gas & Power Business, Datuk Anuar Ahmad while Progress was represented by its President and CEO, Mr. Michael Culbert.
 
The proposed acquisition builds on the previous arrangement between the two parties to develop a portion of Progress’ shale assets as well as on the intention to pursue the development of an integrated liquefied natural gas (LNG) export facility in western Canada.
 
“This acquisition will provide PETRONAS with significant long term strategic gas resources in a geopolitically stable region. It will also strengthen our unconventional strategy whilst cementing PETRONAS’ position as a major global LNG player,” said PETRONAS President and Chief Executive Tan Sri Dato’ Shamsul Azhar Abbas.
 
“PETRONAS believes there are tremendous synergies with Progress as this acquisition will combine our global LNG expertise and market reach with Progress’ extensive experience in unconventional resource development,” he added.
 
Following a successful transaction, PETRONAS plans to consolidate its Canadian business with that of Progress, drawing from the wealth of experience in the Progress management team and workforce to realise the joint vision of both companies to grow a sustainable and responsible business in Canada.