(MENAFN) US Exxon Mobil announced that its Canadian subsidiary would buy oil and gas exploration firm Celtic Exploration Ltd., reported Xinhua News.
The company said that ExxonMobil Canada will acquire 545,000 net acres in the liquids-rich Montney shale according to the deal terms, in addition to 104,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta.
The transaction would give the US firm access to Western Canada's most promising shale oil and gas regions.
At the current time, output of the acreage to be bought is 2.038 million cubic meters per day of natural gas and 4,000 barrels per day of crude, condensate and natural gas liquids.
It is worth noting that the deal still needs to gain the approval of Celtic's shareholders and Canadian regulatory authorities.
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