Skip to main content

The Globe and Mail

TransGlobe buys rival, turns away from Canada

TransGlobe Energy Corp., a Calgary-based international oil operator, says it has struck a deal to acquire privately held GHP Exploration for $40.2-million (U.S.) and plans to divest its Canadian properties this year. The transaction expands TransGlobe's interests in Egypt, a core area for the company. Under the deal, TransGlobe will pay $40.2-million for GHP, which holds a 30-per-cent interest in eight development leases and associated infrastructure in Egypt's West Gharib area, a project operated by a TransGlobe subsidiary. Meanwhile, president and CEO Ross Clarkson revealed the company plans to sell its Canadian energy properties to focus on the Middle East.

Report on Business Company Snapshot is available for:
Report an error

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨