Exxon to buy Canada's Celtic Exploration for C$2.6 billion

Exxon Mobil Corp agreed on Wednesday to buy Celtic Exploration Ltd for C$2.6 billion ($2.64 billion), as the world's largest publicly traded energy company looks to raise its presence in some of Western Canada's most promising shale oil and gas regions.

The deal, announced Wednesday, will give Exxon vast tracts in the liquids-rich Montney shale gas region in northeastern British Columbia, joining other world-scale energy companies looking to tap Montney's massive reserves to feed planned liquefied natural gas plants planned for province's Pacific coast.

It will also gain a stake in Alberta's promising Duvernay shale play, an early stage development where peers like Chevron Corp and ConocoPhillips have already taken big stakes.

Read Full Article from Reuters

- Posted: 2012-10-17 12:50:36

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