CATEGORIZED | News

Petronas to enter shale gas market in Canada

Posted on 07 June 2011

Petronas has formed a strategic partnership with Canada-based Progress Energy Resources Corp to develop the Altares, Lily and Kahta shale gas assets in northeastern British Columbia. The proposed acquisition will mark Petronas’ entry into Canada and will allow for accelerated upstream growth that could potentially advance an LNG export value proposition in that country.

Petronas views the acquisition as an opportunity to pave its entry into the North American shale gas industry while strengthening its position as a global LNG player.

Under the agreement signed on 2 June, Petronas’ international subsidiary will acquire 50% of Progress’ interest in the three areas for a total consideration of CDN$1.07 billion (RM3.32 billion). The assets included in the transaction cover approximately 150,000 gross working-interest acres of land with an estimated contingent gas resource of more than 15 trillion cubic ft. The assets will be operated by Progress.

The transaction is conditional upon relevant regulatory approvals and expected to close in Q3 2011.

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 22 October 2014

    Shell discovers gas in pre-salt reservoir offshore Gabon

    Shell announced a frontier exploration discovery offshore Gabon, West Africa. The well Leopard-1 encountered a substantial gas column with around 200 m net gas pay…

  • 22 October 2014

    Statoil proves new oil resources near Grane field in North Sea

    Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery…

  • 21 October 2014

    IADC Cybersecurity Task Group to provide industry guidance to assess risks

    The oil and gas industry is not immune to cybersecurity threats, from computer viruses and malware to targeted attacks. The IADC Advanced Rig Technology (ART) Committee…

  • 21 October 2014

    Check-6 launches RIGOR digital checklist and compliance system

    Check-6 has launched RIGOR, a checklist-based mobile app to help simplify complex procedures and mitigate human error on the rig. Taking lessons from the aviation industry…

  • 21 October 2014

    Video: Next IADC Land Contract update to start in 2016

    The latest version of the IADC Land Contract was released in November 2013. Various incidents, including Macondo, delayed the release. “It’s an industry contract…

  • Read more news