PetroChina pays US$1.2b to form joint venture with Encana

PetroChina agreed to pay Encana C$1.18 billion (US$1.2 billion) for a 49.9 per cent stake in an Alberta shale formation as Asia’s biggest oil producer steps up acquisitions of overseas oil and gas assets.

PetroChina will also pay C$1 billion over four years to fund development of the project, Encana said in a statement. The accord follows Beijing-based PetroChina’s purchase this week of a US$1.63 billion stake in the Browse liquefied natural gas venture in Australia.

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