Petronas buys stake in Canadian shale gas plays

Malaysia’s Petronas has, this week, bought half of three Canadian shale gas plays for C$1.07 billion ($1.09 billion) from Calgary-based Progress Energy Resources and will discuss development of LNG export facilities in British Columbia.
By James Batty 3 June 2011 0 97

Malaysia’s Petronas has, this week, bought half of three Canadian shale gas plays for C$1.07 billion ($1.09 billion) from Calgary-based Progress Energy Resources and will discuss development of LNG export facilities in British Columbia. The deal involves the Montney shale assets in the foothills of north-east British Columbia, which are made up of the Altares, Lily and Kahta properties.

State-controlled Petronas will pay 25% of the total amount, $273.4 million, in cash when the deal closes. The remainder will be paid via a capital carry arrangement,...

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