13 December 2012 21:57 [Source: ICIS news]
TORONTO (ICIS)--PetroChina agreed to form a joint venture with Canadian natural gas firm Encana to develop 445,000 acres of gas-rich land in ?xml:namespace>
The state-controlled Chinese oil, gas and petrochemicals major is paying C$2.18bn ($2.22bn) for a 49.9% stake in the venture that will explore and develop the Duvernay land holdings in west-central
The partners plan to invest C$4bn over four years in new drilling and processing facilities.
Encana estimates that the Duvernay joint venture lands contain about “9bn bbl of oil equivalent petroleum initially-in-place,” it said. Encana remains the operator of the joint venture with a 50.1% interest, it added.
The deal comes less than a week after
($1 = C$0.98)
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