03 June 2011 18:28 [Source: ICIS news]
TORONTO (ICIS)--The move by ?xml:namespace>
PETRONAS plans to invest Canadian dollar (C$) 1.07bn ($1.10bn, €761m) to develop shale gas assets in
“This [plan] would expand the marketing presence of Canadian gas, and obviously
Culbert, who was briefing Canadian business television, said the LNG plant could have an export capacity of as much as 1bn cubic feet/day of gas.
Under a strategic agreement signed this week, PETRONAS would be the operator of the LNG project, holding an 80% stake, with Progress holding the remaining 20%, he said.
Culbert said he is confident PETRONAS and Progress will get Canadian government approval for the deal.
“We don’t see why [the regulatory process] would be any hold-up,” he said.
Culbert also said Progress has experience in “fracking” - a hydraulic fracturing process used in drilling for shale gas - and is operating in a “responsible manner.”
Earlier this week, opposition politicians in
PETRONAS' investment follows similar recent deals for Canadian oil and gas resources by PetroChina, Sinopec, Sasol and others.
($1 = C$0.97) ($1 = €0.69)
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