PetroChina Pays $2B For Piece Of Encana's Shale Action

Law360, New York (December 14, 2012, 6:52 PM EST) -- PetroChina Co. Ltd. will pay CA$2.18 billion (US$2.21 billion) to help Encana Corp. hunt for hydrocarbons in western Canada, the companies announced Thursday, just one week after Ottawa vowed to treat proposed foreign investments in Canada's energy sector with extreme caution.

Under the parties' joint venture agreement, Phoenix Duvernay Gas, a North American subsidiary of PetroChina — the listed unit of Chinese state-owned China National Petroleum Corp. — will pay Encana CA$1.18 billion up front and another CA$1 billion over the next four years. In exchange,...
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