PetroChina 5.4 billion Canadian $50% interest in majestic Oil province

February 10, "The first financial daily" from the oil (601857.　　SH) learned that its subsidiary PetroChina International Investment Co., Ltd. and the Canadian energy Company ("Encana") have signed a joint agreement recently. Under the agreement, PetroChina plans to buy Canadian energy company's 50% assets equity in the majestic Oil (cutbankridge) of British Columbia, Prov. and Alberta in Canada in 5.4 billion Canadian dollars. The joint venture's assets include 1.3 million acres of exploration and development production blocks, about 700 million cubic feet of natural gas processing capacity per day, 3400 km of pipelines and 1 underground gas storage depots.　　The two sides will invest 50% of each investment ratio, through joint ventures to increase development efforts to enhance natural gas production.　　Data show that the shale gas producing area currently has a daily output of 255 million cubic feet (7.22 million cubic meters). PetroChina and Canadian energy companies negotiated for 9 months before the agreement was signed.　　Last June, the two sides reached a letter of intent to jointly develop the Canadian shale gas resources.　　PetroChina's acquisition is not a case, a second project by Chinese companies to buy North American shale gas assets in the one-month period.　　January 30, China Ocean Petroleum Limited (CNOOCLTD) said it had agreed to pay $570 million in cash to buy one-third of the shale gas project in the southeastern Niobrara of the country's largest gas company, Chesapeakeenergycorp. In addition to the cost of drilling for its own projects, CNOOC agreed to pay $697 million trillion in Chesapeake, which is based in Oklahoma, to cover nearly two-thirds of its drilling and mine-building costs.