Centrica buys Canadian energy assets

Energy company Centrica is pushing on with its internationalisation programme with the agreed purchase of oil and gas assets in Canada for C$56.7 million (£28.4 million).

Energy company Centrica is pushing on with its internationalisation programme with the agreed purchase of oil and gas assets in Canada for C$56.7 million (£28.4 million).

The company's acquisition of TransGlobe Energy Corporation's Canada-based oil and gas assets is to be conducted through its North American subsidiary Direct Energy and is expected to be completed by the beginning of May.

Deryk King, managing director of Centrica North America, said TransGlobe Energy’s Canadian assets were in keeping with the firm's current upstream portfolio.

"This acquisition reaffirms our commitment to growing the profit stream from this important part of the business," he remarked.

Centrica first entered the North American market in 2000 when it purchased Direct Energy and is currently expanding its international strategy with ventures in Belgium, Germany, the Netherlands, Nigeria, Norway, Spain and Trinidad.

It operates under the British Gas name in England, Nwy Prydain and British Gas in Wales and Scottish Gas in Scotland.