Subscribe to our free daily newsletters
  Energy News  




Subscribe to our free daily newsletters



ENERGY TECH
PetroChina to invest $5.4 billion in Canada gas

by Staff Writers
Montreal (AFP) Feb 9, 2011
Chinese oil giant PetroChina will invest 5.4 billion dollars to acquire a 50 percent stake in a shale gas project developed in Canada by Encana, North America's top gas producer, the Canadian group said Wednesday.

Under the deal, PetroChina and Encana would jointly develop the Cutback Ridge fields in British Columbia and Alberta, a 635,000 acre spread with current daily production of 255 million cubic feet of natural gas equivalent (7.22 million cubic meters).

Encana said the fields, in which PetroChina will have a 50-percent interest if the deal goes through, have proved reserves of about one trillion cubic feet (28.3 billion cubic meters) of natural gas equivalent.

Encana CEO Randy Eresman called the agreement a "major milestone" in the Canadian company's developing relationship with PetroChina.

He said the investment would allow Cutback Ridge to be developed at an accelerated pace.

The deal has to be approved by Canadian and Chinese regulatory authorities, and aspects of the agreement still have to be negotiated, the company said.

Encana specializes in the exploitation of unconventional gas deposits in Canada and the United States.

In presenting its third quarter results in October, the company announced a return to profitability with net earnings of 569 million dollars.

PetroChina has made major investments in Canadian natural resources before, having taken a 1.7 billion dollar stake in 2009 in two projects to exploit oil sands with the Canadian company Athabasca Oil Sands.

The markets reacted with skepticism to the joint venture. In Toronto and New York, Encana shares were down 1.91 percent to $30.83 in after-hours trading. PetroChina dropped 3.69 percent to $135.66 in New York trading.



Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
Powering The World in the 21st Century at Energy-Daily.com



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


ENERGY TECH
Brent oil price falls under $98 after China rate hike
London (AFP) Feb 8, 2011
Brent crude oil fell under $98 on Tuesday as investor sentiment was hit by the outlook for demand in China after Beijing hiked interest rates again to cool its booming economy. The price then recovered, however, in late London deals to close in on $100 as the dollar weakened, making crude cheaper for holders of rival currencies. Brent North Sea crude for delivery in March fell to $97.51 ... read more







ENERGY TECH
China and the U.S. sign energy deals

Europe launches trillion-euro energy revamp

Neiker-Tecnalia Creates Air-Conditioned Greenhouse With Alternative Energies

Mexico supplies electricity to wintry Texas

ENERGY TECH
PetroChina to invest $5.4 billion in Canada gas

Aluminum To Replace Copper As A Conductor In On-Board Power Systems

Russia to boost defences on Kuril islands: Medvedev

Australia blames mining for greenhouse gas rise

ENERGY TECH
GL Garrad Hassan Launches Onshore Wind Resource Mapping For UK

Construction Begins On Dempsey Ridge Wind Project

India's Suzlon wins $1.28 bn wind power deal

German wind sector hopes for 2011 comeback

ENERGY TECH
Arizona Commission Approves Crossroads Solar Energy Project

Mortenson To Construct World's Largest CPV Solar Plant

Sharp Solar Project To Provide Clean Energy To City Of Brea

Solis Partners To Build Rooftop Solar PV System

ENERGY TECH
IAEA hosts nuclear energy workshop

Russia may quit Bulgaria nuclear plant: report

Russia to help Belarus build nuclear power plant

Animals at nuclear sites trapped, tested

ENERGY TECH
Indonesian palm oil giant vows to save forests

Ethanol Emergency Response Training Introduced To Nine Selected Cities

Construction Of Phase II Grower Harvester Technology Completed

Biofuels Production From Integrated Seawater Agriculture System

ENERGY TECH
Slow progress in U.S.-China space efforts

China Builds Theme Park In Spaceport

Tiangong Space Station Plans Progessing

China-Made Satellite Keeps Remote Areas In Venezuela Connected

ENERGY TECH
China farmers to get $15 bn subsidies amid drought

Man, Volcanoes And The Sun Have Influenced Europe's Climate Over Recent Centuries

Two Severe Amazon Droughts In Five Years Alarms Scientists

UN praises Pakistan for climate change efforts


The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement