The Canada Pension Plan Investment Board has partnered with Encino Energy to form Encino Acquisition Partners, which will focus on oil and gas acquisition opportunities in the United States.

CPPIB has committed up to US$1 billion while Encino has committed US$25 million. As part of the agreement, Encino will originate, evaluate and executive acquisition opportunities, as well as operate the assets owned by Encino Acquisition Partners.

Read: CPPIB to invest $570M in oil and gas company

“Our commitment to EAP allows us to efficiently expand our natural resources portfolio in our target U.S. energy markets, further contributing to the diversification of the CPP fund,” said Avik Dey, managing director and head of natural resource at CPPIB, in a news release.

“As the oil and gas industry continues to rationalize, we see the opportunity to build a world-class oil and gas company with a diverse portfolio of high-margin assets,” said Hardy Murchison, chief executive officer of Encino. “Encino Acquisition Partners is the logical extension of Encino’s long-term strategy to employ outstanding people focused on driving long-term investor returns through the acquisition and exploitation of high quality assets.”

Michael Hill, CPPIB’s managing director of natural resources will act as lead director on behalf of the pension fund.

Read: AIMCo enters into financing deal with Calgary-based energy company

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Kara Flannigan:

I am very disappointed in CCPIP for investing in a sunsetting industry and not investing in green and renewables.
Expansion of fossil fuels and ff infrastructure is backward thinking, climate change wreckless, and puts future generations at risk. Mark Carney is warning insurance companies, and the taxpayer is always left holding the bag.
Please change course.
Thank you.
Kara Flannigan

Thursday, September 28 at 3:50 pm | Reply

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