PetroChina acquires 20% stake in Shell’s Canadian gas project

03 February 2012 09:24  [Source: ICIS news]

SINGAPORE (ICIS)--PetroChina has completed the acquisition of a 20% stake in Shell’s Groundbirch shale gas project at northeast British Columbia in Canada, a PetroChina official said on Friday.

Shell previously owned 100% of the land and assets in the project, the source said.

The two companies signed binding agreements for the deal recently, the source said in a statement.

“PetroChina and Shell intend to further advance the exchange of technology in the development of unconventional gas,” the statement said.

“PetroChina hopes to gain experience in management and production in the exploration and development of unconventional gas through its cooperation with Shell,” the statement added.

“Furthermore, PetroChina hopes to achieve reasonable returns from the investment,” it added.

The financial details of the deal were not disclosed.

By: Fanny Zhang
+65 6780 4359

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