PetroChina To Snap Up Encana Gas Interest For $5B

Law360, New York (February 10, 2011, 11:52 AM EST) -- A subsidiary of PetroChina Co. Ltd. said Thursday it had agreed to shell out $5.4 billion to acquire a 50 percent interest in a lucrative shale gas project from Canada's Encana Corp.

Under the terms of the deal, the state-owned unit, PetroChina International Investment Co. Ltd., will form a joint venture with Encana to develop the Canadian gas giant's Cutbank Ridge assets in British Columbia and Alberta over several years.

The assets cover 1.3 million acres of land, a processing capacity of approximately 700 million cubic...
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