In 2012, Progress Energy was acquired by PETRONAS of Malaysia, a top FORTUNE Global 500 company with significant experience in world-wide oil and gas development. The collaboration between PETRONAS’ expertise and capacity, and Progress Energy’s world-class and highly competitive resource in the Montney has enabled our operations and business to thrive.
We have successfully achieved several key milestones over the past few years, including establishing 25 trillion cubic feet (Tcf) of proven and probable reserves and a total resource of 62 Tcf in the North Montney. To complement one of the largest natural gas holdings in Canada, Progress Energy’s employees have the technical expertise to deliver best in class performance. Combined with PETRONAS’ support we are uniquely positioned to continue to excel in future.
In addition to our resource asset, our highly skilled and talented employees are instrumental to the success of our business. Thank you to each and every individual who has contributed their expertise to growing and sustaining our operations; your contributions have made a significant impact on resource development in this country.
PETRONAS and Progress Energy have built our strategic direction in Canada based on the commitment that we will operate in communities for the long term. We value our relationships and partnerships with stakeholders and First Nations and strive to be a great neighbour for many years to come. It is with this sustainable and long term view in mind that we changed our logo colour in January 2017 to emerald green to reflect our alignment with PETRONAS and to further signal our long term commitment to Canadian resource development. Further, as part of our long term view we continue to advance our commitment to developing a liquefied natural gas (LNG) value chain in partnership with our sister company, Pacific NorthWest LNG.
We view excellence in our health, safety and environment performance as critical to our long term success. As such, we work closely with our service providers and business partners to ensure our values in this regard are shared by all individuals and companies working on our behalf and on our job sites.
As a company and team we have much to celebrate and look forward to. With the combination of our world class, highly competitive resource and employee expertise I am confident we will achieve our vision to be a best in class North America unconventional natural gas operator.
President & CEO