Centrica noted that internal assessments indicate that this acquisition will increase Direct Energy’s reserves by at least 15 billion cubic feet equivalent.
These assets are reportedly located next to Direct Energy’s current gas portfolio in Alberta, Canada. In addition to a production base of 8.7 million cubic feet equivalent per day, the acquisition also includes 50,000 acres of land with development potential.
Deryk King, Centrica North America’s managing director, said: TransGlobe Energy’s Canadian assets are an excellent fit with Direct Energy’s current upstream portfolio. This acquisition reaffirms our commitment to growing the profit stream from this important part of the business.
