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PetroChina buys 49.9% stake in Encana gas project
By Richard Fu |
December 14, 2012, Friday
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Online Edition
Online Edition
PETROCHINA Co has agreed to pay Canadian natural gas producer Encana Corp C$2.18 billion (US$2.21 billion) for a 49.9 percent stake in a shale gas project in Alberta.
The deal, announced by Encana yesterday, came less than a week after Canada tightened its foreign investment rules for the energy sector.
Under the new joint venture agreement, PetroChina will pay C$1.18 billion for a 49.9 percent stake in Encana's Duvernay shale assets and another C$1.0 billion over the next four years to help fund energy development, Encana said in a statement.
Prime Minister Stephen Harper said on December 7 that Canada would not allow foreign state-owned companies to control its oil sands projects after giving approvals for the takeover of Nexen Inc by China's CNOOC Ltd and of Progress Energy Resources Corp by Malaysia's Petronas.
Analysts said the latest deal could face less scrutiny because Encana will remain the operator of the Duvernay joint venture, which includes no oil sands.
The Duvernay lands contain about 9 billion barrels of oil equivalent, Encana estimated.
PetroChina's investment will enable Encana to "accelerate the pace at which the full production potential of our Duvernay lands can be achieved," Randy Eresman, Encana's president and CEO, said in the statement.
The deal also followed a failed attempt by the two partners to form a similar joint venture on a separate project in Canada in June last year because they failed to agree on asset evaluation.
The deal, announced by Encana yesterday, came less than a week after Canada tightened its foreign investment rules for the energy sector.
Under the new joint venture agreement, PetroChina will pay C$1.18 billion for a 49.9 percent stake in Encana's Duvernay shale assets and another C$1.0 billion over the next four years to help fund energy development, Encana said in a statement.
Prime Minister Stephen Harper said on December 7 that Canada would not allow foreign state-owned companies to control its oil sands projects after giving approvals for the takeover of Nexen Inc by China's CNOOC Ltd and of Progress Energy Resources Corp by Malaysia's Petronas.
Analysts said the latest deal could face less scrutiny because Encana will remain the operator of the Duvernay joint venture, which includes no oil sands.
The Duvernay lands contain about 9 billion barrels of oil equivalent, Encana estimated.
PetroChina's investment will enable Encana to "accelerate the pace at which the full production potential of our Duvernay lands can be achieved," Randy Eresman, Encana's president and CEO, said in the statement.
The deal also followed a failed attempt by the two partners to form a similar joint venture on a separate project in Canada in June last year because they failed to agree on asset evaluation.
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