Malaysian Petronas Takes Shale Stake in Canada's Montney Play

摘要

Petronas, Malaysia's state oil company, is paying Calgary-based Progress Energy Resources C$1.07 billion (US$1.09 billion) to acquire half-interest in three tracts covering 150,000 acres in British Columbia's North Montney unconventional gas play. Progress will be operator of the exploration and development effort. In addition, the two companies said Thursday, they are forming a second joint venture that will evaluate the potential for an LNG export project on the coast of British Columbia that would target the Asian market. Petronas would be the operator with an 80% interest. Progress would have the remainder.