(MENAFN) Qatar Petroleum International (QPI) CEO, Nasser Al-Jaidah, signed a co-joint deal with UK's Centrica to acquire USD979 million in oil and gas assets from Canada-based Suncor Energy, reported Arabian Business.
The newly established partnership between QPI and Centrica will acquire 978 billion cubic feet equivalent in estimated proven and probable reserves, with an annual production capacity of 15 million barrels of oil.
Both companies will take advantage of the latest oil drilling technology in order to ramp up production from potential oil reserves over the acquired 1 million acre land.
It is worth mentioning that QPI will hold a 40 percent stake in this investment, whereas Centrica will hold the remaining 60 percent.
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