• Brianna Lizeth

U.S. oil major ConocoPhillips buys Canadian land from Kelt in $375 million deal



U.S. oil major ConocoPhillips said on Wednesday


that it agreed to buy land from Kelt Exploration Ltd in Canada's Montney shale oil play, in a

$375 million deal.

The 140,000 acres in British Columbia are directly adjacent to ConocoPhillips' (N:COP) own Montney lands, the company said. The oil resource amounts to 1 billion barrels of oil equivalent.

The deal allows ConocoPhillips to extend its existing position at an attractive cost, Chief Operating Officer Matt Fox said.

It comes three years after Houston-based


ConocoPhillips sold much of its Canadian assets to Cenovus Energy (TO:CVE), part of a multi-year withdrawal of foreign producers from Canada. In April, ConocoPhillips reduced production at its Surmont Canadian site by 100,000 barrels of oil per day.

Kelt (TO:KEL) said in a statement that the sale would strengthen its finances during an uncertain economic time, while leaving it a large inventory of future drilling sites.




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