Petronas Energy Canada Ltd. (PECL) will purchase 10% interest in the North Montney (NM) joint venture from Japan Petroleum Exploration Co. Ltd. (JAPEX) subsidiary JAPEX Montney Ltd. (JML).
The NM project undertakes shale gas development and production in the North Montney area of British Columbia, Canada. JAPEX participated in the NM project through JML in April 2013 and had proceeded with a feasibility study of the LNG project in addition to the shale gas development and production.
Following the deal’s closing—expected end-June—PECL will have 72% ownership and will remain operator of the NM project. Partners include Sinopec Group (15%), Indian Oil Group (10%), and Petroleum Brunei Group (3%).
