PetroChina buys 20% of B.C. Shell gas play
CBC News
Posted: Feb 2, 2012 12:33 PM ET
Last Updated: Feb 2, 2012 1:49 PM ET
Related
Related Links
PetroChina Co. has agreed to buy a 20 per cent stake in Shell Oil’s Groundbirch shale gas project in northeastern B.C.
"PetroChina and Shell have signed binding agreements for PetroChina to acquire a 20 per cent interest in certain of Shell’s 100-per-cent owned Groundbirch lands and assets in northeast B.C." Royal Dutch Shell CEO Peter Voser said.
The deal is the latest in a number of natural resource acquisitions by China, which has moved aggressively in recent years to secure deals in China and elsewhere in the world.
In January, PetroChina bought the entirety of the MacKay River oilsands project from Athabasca Oil Sands Corp. for $680 million.
Last summer PetroChina walked away from a $5 billion deal with EnCana Corp. that would have seen the former take a 50 per cent stake in the latter's shale gas assets.
Shell's Groundbirch site has the potential to produce 1 billion cubic feet equivalents a day for 40 years.
Shell Canada declined to offer financial details, but investment website FinanceAsia reported PetroChina may have paid as much as $1 billion.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Syrian regime denies role in Houla massacre
- The UN Security Council condemned the Syrian regime at an emergency meeting Sunday, holding president Bashar al-Assad's military responsible for the massacre of more than 100 people, dozens of whom were children younger than 10 years old. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria, B.C., native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Neighbour may have helped find missing kids in Mexico
- Two Winnipeg children who had been missing for nearly four years were found in Mexico after a man raised concerns about his neighbour, according to a private investigator. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Accused in blast that killed Alberta mom handled her funds
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students, government to resume talks
- Syrian regime denies role in Houla massacre
- Lip-dub marriage proposal an internet hit
- Canadian Pacific strikers face back-to-work legislation
- B.C. NDP calls for unity in fighting coast guard closure
- Calgary Marathon winner breaks 21-year-old record
