TORONTO, July 12 (Reuters) - Wolf Infrastructure, a
midstream oil and gas firm backed by the Canada Pension Plan
Investment Board, is close to buying Devon Energy (NYSE:DVN) Corp's DVN.N
50 percent stake in the Access Pipeline in Western Canada,
Bloomberg reported on Tuesday.
The deal values Devon's stake in the Access Pipeline at as
much as C$1.5 billion ($1.2 billion) and could be announced as
early as this week, the report said.
CPPIB, which invests on behalf of Canada's national pension
plan, has said it sees opportunities for long-term investors to
take advantage of falling valuations in the energy sector due to
a decline in the price of oil.
If the acquisition materialises, it will be the third in the
energy sector involving CPPIB in recent weeks.
Teine Energy, a Saskatchewan-focused energy producer in
which CPPIB holds a 77 percent stake, acquired assets from
Canadian producer Penn West Petroleum PWT.TO in a C$975
million deal announced on June 11.
Last week, Canadian oil producer Paramount Resources
POU.TO agreed to sell some of its Deep Basin oil and gas
properties in Alberta to Seven Generations Energy VII.TO , in
which CPPIB has a 16 percent stake, for C$1.9 billion.
CPPIB and Devon Energy declined to comment.
($1 = 1.2995 Canadian dollars)