CNRL to sell gas stake to ease competition concerns over Palliser Block

By Medicine Hat News on June 21, 2025.

@MedicineHatNews

CNRL has agreed to sell controlling interest in a Drumheller-area natural gas processing plant to allay regulator’s concerns that its purchase of the Schlumberger’s share in Palliser Block would create an unfair advantage.

The Competition Bureau of Canada announced Friday that Canadian Natural Resources will consent to sell a majority stake in the Seiu Lake processing plant to Alberta-based North Forty Resources.

“The Bureau is satisfied that the sale will preserve competition … and ensure that (other gas producers) producers in the area will continue to have two options for natural gas processing,” reads a statement from the Competition Bureau of Canada.

That plant is among 16 in the area that CNRL would take over after the Houston-based energy servicing company announced in late 2024 it would sell its stake in the Palliser Block that is still partly owned by Torxen Energy.

Schlumberger officials stated terms of the deal with a then-unnamed company were US$430 million in cash, coupled with a US$260-million reduction in well abandonment liabilities.

Export award for Hat business

QinetiQ Target Systems has won recognition as an international exporter operating in Alberta.

The Medicine Hat-based defence developer and manufacturer won the “Global Growth Award” at the Alberta Business Awards of Distinction presented at the Plaza Hotel in Calgary on Thursday.

It recognizes companies that operate in Alberta and add value to services or products that are exported internationally, show growth, and expand markets.

The Awards of Distinction are presented in 12 categories.

Nominated alongside Qinetiq were Big Rig, a heavy machinery repair and fabrication franchise that began in Grande Prairie, and nanotechnology manufacturer Norcada, of Edmonton.

College, workers talk

Negotiations continued this week between Medicine Hat College and 135 non-academic employees represented by the Alberta Union of Provincial Employees, Local 71, the union stated this week.

Monetary proposals will be taken up when the two sides meet again in August.

The previous contract expired June 20, 2024.

17
-16