Carlyle Bolsters Canadian Energy Holdings with Parallax Acquisition
The Carlyle Group has expanded its Canadian energy footprint by acquiring Parallax Energy through Avenrock Energy, a new company backed by Carlyle International Energy Partners. The acquisition is valued at around C$1 billion and adds to Carlyle's existing presence in the region, including Kiwetinohk Energy acquired last year for roughly C$1.4 billion.
Parallax operates approximately 300,000 acres in Alberta's East Shale Duvernay, producing around 20,000 barrels of oil equivalent per day. This production is weighted towards light oil and natural gas liquids.
The acquisition provides Carlyle with a significant base to pursue further development or acquisitions in the region. The deal also benefits from improving Canadian market access, including the expansion of Trans Mountain's capacity to 1.19 million barrels per day by the end of 2028.