Encana, PetroChina enter into exploration dealDecember 13, 2012 @ 10:15 am
CALGARY, Alberta (AP) - Encana Corp. and a subsidiary of China's state-owned PetroChina have entered into a joint venture agreement to explore and develop shale natural gas in Alberta.
Encana said Thursday that the PetroChina subsidiary, Phoenix Duvernay Gas, will invest US$2.21 billion for a 49.9 percent interest in about 445,000 acres (180,000 hectares) Encana has in the emerging Duvernay formation.
Encana will remain the operator of the Duvernay joint venture, which will see the partners together spend $4.06 billion on drilling, completion and processing facilities over the next four years.
Last week, Canada approved another Chinese company's US$15.3 billion takeover of Calgary-based Nexen Inc., but it said future acquisitions of oil sands producers will only be allowed under exceptional circumstances from now on.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Seattle native is only person ever cured of HIV and returns home to boost the cure
Back In Business
A temporary bridge span across the Skagit River is set to open Wednesday
High Altitude Upgrade
The state's highest outhouse atop Mount Rainier is getting a badly needed upgrade
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.