PetroChina has agreed to pay C$5.4bn (US$5.4bn) for a 50 per cent stake in a large natural gas field in western Canada owned by Encana, the Calgary-based oil and gas producer.
The investment is one of the biggest by a Chinese company in the North American energy industry and comes on the heels of several others in the Alberta oil sands.
Randy Eresman, Encana’s chief executive, said on Wednesday that the joint venture would “ambitiously” accelerate development of the Cutbank Ridge gas field. PetroChina would fund half of future capital costs.
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