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PetroChina to buy Cutbank gas assets for US$5.4b
By Richard Fu |
February 10, 2011, Thursday
|
Online Edition
Online Edition
PETROCHINA Co will pay 5.4 billion Canadian dollars (US$5.4 billion) to buy a 50 percent stake in Encana Corp's Cutbank Ridge gas assets in Canada. The two companies also agreed to form a 50-50 joint venture to increase gas production in the area, Beijing-based PetroChina announced today.
The deal, following CNOOC's recent acquisition of shale oil/gas leases in the United States, enables China to cash in on the long-term shale oil/gas boom in North America and obtain new technology to develop its vast domestic shale resources, analysts said.
Shale is an underground rock that holds oil and natural gas reserves.
PetroChina said it "expects the joint venture to provide a platform for entering the major markets in North America."
The Cutbank Ridge area, covering 635,000 acres in British Columbia and Alberta boundary, currently produces 255 million cubic feet of gas a day from proven reserves of about 1 trillion cubic feet.
PetroChina shares rose 0.26 percent on the Shanghai Stock Exchange at noon.
The deal, following CNOOC's recent acquisition of shale oil/gas leases in the United States, enables China to cash in on the long-term shale oil/gas boom in North America and obtain new technology to develop its vast domestic shale resources, analysts said.
Shale is an underground rock that holds oil and natural gas reserves.
PetroChina said it "expects the joint venture to provide a platform for entering the major markets in North America."
The Cutbank Ridge area, covering 635,000 acres in British Columbia and Alberta boundary, currently produces 255 million cubic feet of gas a day from proven reserves of about 1 trillion cubic feet.
PetroChina shares rose 0.26 percent on the Shanghai Stock Exchange at noon.
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