PetroChina to invest Can$5.4 billion in Canada gas

Chinese oil giant PetroChina will invest Can$5.4 billion to acquire a 50 percent stake in a shale gas project developed in Canada by Encana, North America's top gas producer, the firms said Thursday.

The $5.43-billion deal is the latest investment by China's top oil producer in Canada as the energy-guzzling nation scours the world for natural resources needed to fuel its fast-growing economy.

Under the agreement, PetroChina and Encana would jointly develop the Cutbank Ridge fields in British Columbia and Alberta, a 256,975-hectare (635,000-acre) site with current daily production of 255 million cubic feet of natural gas equivalent (7.22 million cubic metres).

Encana said the fields, in which PetroChina will have a 50-percent interest if the deal goes through, have proved reserves of about one trillion cubic feet of natural gas equivalent.

Read Full Article from AFP

- Posted: 2011-02-09 22:31:16

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