Petronas stays in Canada, says reports of pullout are false

On Tuesday, Petronas was reportedly considering options for its Canadian company, formerly known as Progress Energy Resources Corp, including a sale, according to people familiar with the matter.

04 Jun 2025 10:42am
Petronas stated it is committed to its investments in Canada, where it operates the North Montney Joint Venture upstream gas development and is a major partner in the LNG Canada gas liquefaction facility in Kitimat, BC.
Petronas stated it is committed to its investments in Canada, where it operates the North Montney Joint Venture upstream gas development and is a major partner in the LNG Canada gas liquefaction facility in Kitimat, BC.

KUALA LUMPUR - Petroliam Nasional Bhd (Petronas) today denied news reports claiming the national oil firm is leaving Canada.

"Any reports that claim Petronas is leaving Canada are inaccurate,” Petronas said in a reply to Bernama’s query.

Petronas acquired Progress Energy in 2012 for approximately US$5.3 billion, significantly expanding its shale gas portfolio and strengthening its gas supply base.
Petronas acquired Progress Energy in 2012 for approximately US$5.3 billion, significantly expanding its shale gas portfolio and strengthening its gas supply base.

On Tuesday, Petronas was reportedly considering options for its Canadian company, formerly known as Progress Energy Resources Corp, including a sale, according to people familiar with the matter.

Petronas stated it is committed to its investments in Canada, where it operates the North Montney Joint Venture upstream gas development and is a major partner in the LNG Canada gas liquefaction facility in Kitimat, BC.

"With LNG Canada preparing for its first cargo this year, Petronas is proud to be providing lower-carbon, reliable Canadian liquefied natural gas to support global energy markets for decades to come,” it added.

Petronas acquired Progress Energy in 2012 for approximately US$5.3 billion, significantly expanding its shale gas portfolio and strengthening its gas supply base.

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The national oil company also owns a 25 per cent stake in the LNG Canada project, a major liquefied natural gas joint venture alongside Shell Plc, PetroChina Co Ltd, Mitsubishi Corp, and Korea Gas Corp. - BERNAMA

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