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The Competition Bureau says Canadian Natural Resources Ltd. has agreed to sell 75 per cent of its interest in its Seiu Lake natural gas processing plant to address competition concerns related to its proposed acquisition of Schlumberger N.V.’s (SLB) interest in the Palliser Block joint venture.
Under a consent agreement with the regulator, Canadian Natural will sell a majority interest in the plant to North 40 Resources Inc., an oil and natural gas exploration company operating in the area.
Financial terms of the agreement were not immediately available.
North 40 will be the operator of the plant, while Canadian Natural will hold a non-operating 25 per cent interest in the facility.
The SLB assets being acquired by Canadian Natural include SLB’s 87.5 per cent stake in 16 natural gas processing plants in southeastern Alberta.
The Competition Bureau had raised concerns the deal would reduce competition for gas processing services in the region.
This report by The Canadian Press was first published June 20, 2025.
Companies in this story: (TSX:CNQ)
The Canadian Press
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