By Shariq Khan
(Reuters) – Repsol SA has agreed to sell about 95,000 net acres (38,000 hectares) of oil and gas producing land in Alberta to Canada Pension Plan Investments Board-backed Teine Energy, three sources familiar with the plan told Reuters on Tuesday.
The Spanish oil major will fetch up to C$400 million ($304.65 million) from the sale, one of the sources said.
Repsol and Teine have applied for regulatory approvals for the deal, and anticipate receiving those by the end of September, the sources said. They cautioned that there is no certainty that the Alberta regulators will allow the proposed transaction, and the deal could still fall apart.
CPPIB declined to comment while Repsol and Teine Energy did not respond to requests for comment.
($1 = 1.3135 Canadian dollars)
(Reporting by Shariq Khan; Editing by Denny Thomas and Marguerita Choy)
An oil asset refers to the rights or ownership of oil reserves or production facilities that generate revenue through the extraction and sale of oil.
The Canada Pension Plan Investment Board (CPPIB) is a Canadian crown corporation that invests funds on behalf of the Canada Pension Plan, focusing on long-term growth and sustainability.
An investment is the allocation of resources, usually money, into an asset or project with the expectation of generating a profit or income over time.
Explore more articles in the Top Stories category
