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

  • 27 March 2015

    Gravity-deployed carbon composite cable completes first commercial deployment offshore Norway

    Ziebel, a Stavanger-based provider of specialist well intervention services for the oil and gas industry, announced that its Z-Line gravity-deployed...

  • 27 March 2015

    Petronas’ INSTEP training institute plans improvements for integrated, experiential learning

    Institut Teknologi PETRONAS (INSTEP) takes realism seriously when it comes to experiential learning – seriously enough to be planning...

  • 26 March 2015

    Wood Mackenzie: Falling costs to soften blow of slashed exploration budgets

    Exploration budget cuts in 2015 will average 30%, but that will be matched by an approximately equal fall in exploration costs...

  • 25 March 2015

    C&J Energy Services merges with Nabors’ completion/production services

    C&J Energy Services, (C&J) and Nabors Industries (Nabors) announced the completion of the combination of C&J with Nabors’ completion...

  • 25 March 2015

    Douglas-Westwood: Oilfield services expenditure to decline by 30% in 2015

    Global oilfield services (OFS) markets are facing difficult headwinds as a function of commodity prices...

  • Read more news