State-owned oil and gas producer PetroChina (PTR.NYSE, 0857.HKG, 601857.SH) paid US$1.2 billion (C$1.18 billion) to partner with Canada’s biggest natural gas producer Encana (ECA.NYSE, ECA.TSE, PCD1.FRA), gaining a 49.9% holding in the Candian company’s ventures in resource-rich Duvernay in Alberta, Bloomberg reported. PetroChina also agreed to pay US$1.02 billion over the next four years to finance development of the projects, according to a statement released by Encana on Friday. The Canadian company has nine wells in the Duvernay and estimates that 9 billion barrels of oil can be extracted from the 445,000 acres in the joint venture. Encana expects to double its activity level at the beginning of 2013 and then accelerate at a faster pace afterward, said Randy Eresman, the company’s CEO.
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