Pacific Canbriam Energy Limited, previously known as Canbriam Energy Inc., was acquired by Royal Golden Eagle’s Pacific Oil and Gas (PO&G) on 18th June 2019. The company has since rebranded to Pacific Canbriam Energy Limited.
The acquisition was publicly announced on 13th May 2019, with both the parties involved signing off definitive documents for the acquisition of all of Canbriam shares—issued and outstanding. PO&G means to strategically develop Canbriam’s highly scalable and integrated asset base in Montney, to support their natural gas export opportunities in the Asian market.
“Canada has the opportunity to become a leader in global energy transition,” said Ratnesh Bedi, President of PO&G. “Canbriam is one of the lowest cost producers in Montney and we look forward to partnering with Paul Myers and the entire team. We welcome the opportunity to work in Canada and produce some of the cleanest natural gas, held to the highest environmental and technical standards in the world, and sharing that resource to offset GHG emissions around the globe.”
The event concluded with the expectation of closing the acquisition before 1st July 2019, which was successfully achieved.
PO&G was represented by Macquarie Capital Markets Canada Ltd. as exclusive financial advisor and Bennett Jones LLP as legal counsel. Canbriam Energy Inc. was represented by RBC Capital Markets as financial advisor and Norton Rose Fulbright Canada LLP as legal counsel.
“The Pacific Canbriam Energy name reflects new ownership and a new purpose,” said Bedi. “Integrated with Woodfibre LNG in British Columbia, Pacific Canbriam will supply responsibly-produced natural gas for export to Asian markets. Combined with Pacific Canbriam’s industry-leading water-recycling system and commitment to sustainable natural gas production, the integrated project will support growing markets, combat climate change, and improve human health.”
“Asian markets represent a tremendous opportunity for Canadian natural gas,” said Paul Myers, President of Pacific Canbriam Energy. “Pacific Canbriam produces some of the most responsible and sustainable natural gas in the world. Our new name and integration with Woodfibre LNG puts Pacific Canbriam in a position to make a global impact – sharing our resources to support climate change mitigation and build prosperity in growing markets.”
PO&G has been provided the necessary support by its managing company RGE, encouraging the company to successfully execute their projects.
About Canbriam Energy Inc.
Canbriam Energy Inc. is a private exploration company focused on developing over-pressured, liquids rich natural gas resources in the Western Canadian Sedimentary Basin. The company was acquired by PO&G, and is presently known as Pacific Canbriam Energy Limited.
PO&G is an independent energy resources development company, managed by the RGE Group. Their main focus is to produce sustainably developed energy for the emerging Asian market. They do this through investments throughout the energy supply chains.
Royal Golden Eagle (RGE), previously known as Raja Garuda Mas, was founded in 1973 by Indonesian businessman Sukanto Tanoto. Today, the managing group has operations across the globe, spanning Indonesia, China, Brazil, Spain and Canada, with over 60,000 employees.