SLB and Torxen Energy had purchased the Palliser crude oil and natural gas assets from Cenovus Energy Inc. for about $1.04 billion cash. (Source: Shutterstock)
SLB has entered into a definitive agreement to sell its interests in the Palliser Block located in Alberta, Canada, the company said Oct. 17.
The Palliser Block consists of oil and gas wells, surface facilities, a pipeline network and certain oil and gas development rights. SLB did not disclose the sale price.
In 2017, SLB (then Schlumberger) and Torxen Energy agreed to purchase the Palliser crude oil and natural gas assets from Cenovus Energy Inc. for CA$1.3 billion (US$1.04 billion) in cash.
SLB said its sale of the assets, subject to regulatory approval and other customary closing conditions, is expected to close late in fourth-quarter 2024.
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