PetroChina is now expanding to reach Canadian shale gas assets through a deal with Royal Dutch Shell, which shows China’s underlining strategic interest in Canada, in a transaction reportedly worth more than US$ 1billion.
Chinese companies have poured billions into Canadian energy assets over the last two years.
The next deal will have PetroChina buying a 20% stake in Shell’s Groundbirch assets (including shale gas acreage in British Columbia) .
Unconventional sources and types of gas (including shale gas and coal bed methane) have been a major focus of China’s oil groups because they want to develop the expert ability to tap into China’s own reserves of such gasses, which is estimated to be the world’s largest.
PetroChina’s senior assistant secretary to the board declined to comment on the deal’s total value.
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