Type Subsidiary Website www.progressenergy.com Founded 1997, Calgary, Canada | Industry Oil and gas Headquarters Calgary, Canada | |
 | ||
Key people Michael R. Culbert (President and CEO) Parent organizations PETRONAS, PETRONAS International Corporation Ltd | ||
Progress Energy is a natural gas exploration and production company based in Calgary, Alberta, Canada. As of 2016, it is the most active driller in British Columbia.
Contents
Since 2012, the company has been owned by Malaysia-based Petronas.
History
In 2001, Progress Energy Ltd. was recapitalized by members of the current management team. In 2004, Progress merged with Cequel Energy Inc., to form Progress Energy Trust and ProEx Energy Ltd.; 2004 is given as the founding date of Progress Energy Canada Ltd. in official filings. In 2007, Progress and ProEx acquired BG Group's Canadian assets in northeast British Columbia and northwest Alberta. In 2009, Progress and ProEx combined to form Progress Energy Resources Corp., with production of over 35,000 bbl/d (5,600 m3/d) equivalent. In 2010, Progress acquired Suncor Energy's northeast British Columbia assets bringing total production to over 40,000 bbl/d (6,400 m3/d) equivalent.
In June 2012, Petronas Carigali Canada, a subsidiary of Petronas, announced its intent to acquire Progress Energy for C$5.5 billion. On October 19, 2012, the Canadian government rejected the acquisition, citing that "the proposed investment is [not] likely to be of net benefit to Canada." However, the Canadian government encouraged Petronas to reapply with a new offer, and the deal was approved on December 7, 2012.
Operations
Progress is focused on natural gas development in Western Canada. The company's assets are concentrated in the Foothills of northeast British Columbia and the Deep Basin of northwest Alberta where it has built a land, reserves and production base.
Corporate governance
Current members of the board of directors of Progress Energy are: