PetroChina and Canada Jointly Develop Shale

Ottawa clarified rules concerning state-owned enterprises investing in Canadian energy companies less than a week later. Encana Corp and PetroChina’s subsidiary reached a joint venture agreement of US$2.18 billion on Thursday to jointly explore and develop Alberta, Canada. Shale gas deposits in the province.

According to the Calgary Herald, Canada’s largest natural gas company announced Thursday that its subsidiary, Phoenix Duvemay Gas, will acquire 49.9% of Canadian Energy’s shale gas in Alberta.

Canadian Energy Agency President Mike McAllister confirmed that the company had gone to the federal government for verification before the final sale. He said that the joint venture was in compliance with the guidelines for the acquisition of Nexen Inc. by CNOOC at a $15.1 billion acquisition by Ottawa last Friday.

In the next four years, the two sides will jointly invest US$4.06 billion in drilling and processing facilities. Canadian Energy said that due to oil investment, it will double the pace of mining in Duvernay, Alberta.