Jan 14 (Reuters) - Canadian Natural Resources is in talks to buy a $1-billion-plus portfolio of natural gas properties from Tourmaline Oil Corp, Globe and Mail reported on Wednesday, citing two sources familiar with the negotiations.
Competition Bureau Canada's website indicates that Canadian Natural had filed the paperwork for approval of a transaction with Tourmaline on December 30, but details of the potential deal had not been disclosed publicly.
Tourmaline is among the biggest natural gas producers in Canada's prolific Montney basin, a massive shale play that is already a hotbed of M&A activity as Canadian producers prepare to increase supply for the country's LNG export industry.
The region produces about 10 billion cubic feet per day of natural gas, about 50% of Canada's total output.
Canadian Natural, the country's biggest shale producer, is seeking preliminary regulatory feedback on a potential acquisition of the Tourmaline assets in the Montney basin located in Alberta's Peace River region, Globe and Mail said.
Canadian Natural and Tourmaline did not immediately respond to requests for comment.
Reporting by Vallari Srivastava in Bengaluru; Editing by Vijay Kishore
Source: Reuters