Centrica in C$1bn joint deal

Scottish Gas owner Centrica has teamed up with Qatar Petroleum to buy C$1 billion (£650 million) of oil and gas assets in Canada.

It said the pair had agreed to acquire jointly “a package of producing conventional natural gas and crude oil assets and associated infrastructure” in the Western Canadian Sedimentary Basin, from seller Suncor Energy.

The acquisition is the first investment under a memorandum of understanding signed with Qatar in December 2011. Centrica will have a 60 per cent share and will operate the assets, which are near to oil and gas fields already run by the British company.

Sam Laidlaw, chief executive of Centrica, said: “The acquisition provides attractive returns in a region we know well, and significantly increases the size and quality of our portfolio. It also presents exciting development opportunities, with the potential to improve returns further.”