Progress Energy Changes Name to Petronas Canada
Progress Energy Canada, the Canadian subsidiary of Malaysian state-owned Petronas, has changed its name, effective November 21, to Petronas Canada.
“Changing our name from Progress Energy to Petronas Canada is a reflection of our parent company’s commitment to Canada,” Petronas Canada CEO Mark Fitzgerald said. “I am extremely proud to be part of this global company and am excited about the great future ahead as we drive innovations to provide clean Canadian energy to the world.”
Petronas Canada has a pair of Montney area shale gas developments in its portfolio, the largest of which is the North Montney Joint Venture (NMJV), which includes Japan Petroleum Exploration (Japex), Brunei’s national petroleum company, Sendirian Berhad (Petroleum Brunei), Indian Oil Corporation and China Petroleum & Chemical Corporation (Sinopec).
NMJV’s assets include some 800,000 gross acres of largely contiguous mineral rights in the Montney, more than 15,000 identified drilling location and average production of about 525mn ft3/day, while the Progress-Sasol Montney Partnership, created with Sasol Canada Exploration, has 100,000 gross acres of Montney rights and average production of about 100mn ft3/day. Together, the two assets have more than 60 trillion ft3 of reserves and contingent resources.
Petronas Canada will supply its parent’s 25% natural gas obligation to the LNG Canada liquefaction terminal in Kitimat, BC, which received a positive final investment decision from its joint venture partners on October 2. Once the liquefaction facility is operational, Petronas Canada will be supplying it with about 500mn ft3/day of natural gas, primarily from the NMJV.