PetroChina to buy 20% of Shell's Canadian shale gas assets

02/13/2012
PetroChina, a unit of China National Petroleum Corp., has signed a binding agreement to purchase a 20% stake in Royal Dutch Shell PLC's Groundbirch assets in northeastern British Columbia. "I can confirm that CNPC will join us in Canada," said Shell's Chief Executive Officer Peter Voser. "It's part of our global partnership to optimize our business working environment inside and outside China." Shell and CNPC agreed last June to step up their cooperation in energy exploration in China where they have now drilled 15 wells in the acreage, with a further 25 wells planned for 2012. In 2009, the two firms teamed up to acquire coalbed methane producer Arrow Energy for $3.4 b...
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