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Economy

Petronas unit to focus investments in Canada's North Montney

Puts Alberta's Deep Basin oil and gas assets on the block

KUALA LUMPUR (Nikkei Markets) -- Progress Energy, a Canadian unit of Malaysia's national oil company Petroliam Nasional, said Thursday it will focus on future investments in North Montney in British Columbia following its plan to sell Deep Basin assets.

Progress Energy has hired BMO Capital Markets to advice on the proposed sale. Progress Energy owns oil and natural gas assets in Alberta's Deep Basin and unconventional natural gas assets in British Columbia's North Montney.

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