By Robb M. Stewart
Canadian Natural Resources agreed to sell majority control of a natural gas processing plant in Alberta to secure antitrust clearance for its proposed acquisition of Schlumberger's stake in a joint venture operation that includes control of 15 processing plants in the province.
Canada's Competition Bureau said Friday it reached a consent agreement with Canadian Natural that addresses competition concerns related to the proposed acquisition of Schlumberger's interest in the Palliser Block joint venture in southeastern Alberta.
The regulator to resolve concerns that Canadian Natural's acquisition would significantly increase in market concentration around three gas processing plants, the commpany agreed to sell a 75% interest in the Seiu Lake natural gas processing plant to North 40 Resources, a privately-held oil and natural gas exploration company operating in the area.
The deal will mean North 40 operates the plant, leaving Canadian Natural with a 25% interest in the facility.
The bureau said it is satisfied the sale will preserve competition in the area around the Seiu Lake plant and ensure that producers in the area will continue to have two options for natural gas processing.
Schlumberger said last October it had entered a definitive agreement to sell its interests in the Palliser Block, including oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
06-20-25 1215ET
