Centrica and QP sell Canadian JV to MIE Holdings for Cdn$722 million

CQ Energy Canada Partnership (CQE) is to be sold to a consortium led by Hong Kong E&P MIE Holdings for Cdn$722 million (US$534 million). CQE is a joint venture between Centrica (60%) and Qatar Petroleum (40%). Assets include 2.2 million net acres of Crown, Fee and Royalty land across Western Canada and ownership in 11 major gas plant facilities. CQE is predominately a natural gas producer with reserves in some of Canada's prominent unconventional plays, including the Montney and Spirit River. It also owns mature, low-decline gas assets in southeast Alberta and the Alberta foothills. CQE was formed in April 2013 to acquire Suncor's Western Canada assets. In July 2015, Centrica announced that it considered its Canadian E&P operations to be non-core. An official sale process for CQE began in May 2016.