Sept 6 (Reuters) – Canadian natural gas firm Peyto Exploration & Development (PEY.TO) said on Wednesday that it has agreed to buy Spanish energy company Repsol’s (REP.MC) Canada unit for $468 million.
Repsol Canada Energy Partnership holds the Canadian upstream oil and gas business including all related midstream facilities and infrastructure located predominantly in the Alberta’s Deep Basin.
“The Repsol assets fit perfectly with Peyto’s existing Deep Basin acreage and offer a significant number of top-tier undeveloped locations that will immediately compete for capital within our portfolio,” Peyto’s CEO Jean-Paul Lachanc said in a statement.
Repsol’s Deep Basin assets would add about 23,000 barrels of oil equivalent per day (boepd) production, Peyto said.
The deal is expected to close in mid-October.
Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber
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