Canadian Natural Resources (CNQ) has reached an agreement with Canada's Competition Bureau to alleviate competition concerns linked to its proposed takeover of Schlumberger's (SLB) interests in the Palliser Block joint venture, which includes natural gas processing plants in southeastern Alberta.
Under the agreement, Canadian Natural will sell a 75% stake in its Seiu Lake natural gas processing plant to oil and gas exploration firm North 40 Resources to resolve the agency's concerns about a rise in regional market concentration, potential price increases, and fewer options for natural gas producers in the vicinity, the bureau said Friday.
The agency said it believes the agreement will maintain regional competition near the Seiu Lake natural gas processing plant and ensure producers have two natural gas processing options.
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