Sasol completes $1.08bn deal for stake in Canada shale-gas project

10 June 2011 14:54  [Source: ICIS news]

TORONTO (ICIS)--Sasol has completed a Canadian dollar (C$) 1.05bn ($1.08bn) deal for a 50% stake in a shale-gas project in western Canada, the South Africa-based energy and petrochemicals major said on Friday.

Sasol had announced the deal to purchase a 50% stake of Talisman’s Cypress A project in the Montney Basin in Canada's western Alberta and British Columbia provinces in March.

The acquisition, and a similar shale-gas deal with Talisman last year, could pave the way for a gas-to-liquids project in western Canada, Sasol has said.

Cypress A has an estimated “contingent resource” of 11,200bn cubic feet.

Other foreign players, including PETRONAS, PetroChina and BHP Billiton, recently also entered the North American shale-gas market with deals in Canada and the US.

($1 = C$0.97)

For more on Talisman and other producers visit ICIS company intelligence

By: Stefan Baumgarten
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