Canada Pension Plan Investment Board to invest in California oil venture alongside IKAV

The venture, California’s second-largest oil and gas producer, will invest in renewable energy to eventually power its operations, the institutional investor said.

“Over time, renewable power will be deployed across Aera’s land holdings, while selected legacy oil and gas infrastructure will be repurposed to create carbon capture and storage capability,” CPP added.The announced sale by Shell and Exxon last September reflected the two companies’ move out of mature energy properties at a time when high oil and gas prices favor new deals.

However, the sale was pushed back to the first quarter of 2023 for regulatory approval from the U.S. Committee on Foreign Investment, which weighs national security risks of sales to foreign-owned companies.Your Globe

Does the CPP Investment Board also invest in Canadian O&G?

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