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 Corp's 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 in a C$975 million deal announced on June 11.
Last week, Canadian oil producer Paramount Resources agreed to sell some of its Deep Basin oil and gas properties in Alberta to Seven Generations Energy, 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 Reporting by Matt Scuffham; Editing by Paul Simao