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PetroChina buys Canadian shale gas assets from Shell

Feb. 3, 2012 (China Knowledge) - PetroChina Co Ltd<601857><0857>, China's largest oil producer, said yesterday it has inked an agreement to acquire a 20% stake in a shale gas project, located in Canada, from Royal Dutch Shell Plc.

The Chinese oil giant has acquired Shell's Groundbirch assets, in British Columbia, on Canada's west coast, as parts of the deal, said PetroChina Spokesperson Mao Zefeng, declining to reveal the value of the acquisition.

Analysts, however, estimated that the Groundbirch deal is valued at more than US$1 billion.

The Groundbirch project is expected to have a daily gas output capacity of 1 billion cubic feet with an exploration period of about 40 years.

Last June, PetroChina and Canada-based Encana Corp called off a US$5.6-billion deal as the two sides failed to agree on details. The Chinese company would have acquired a 50% stake in some of Encana's shale gas assets, sources reported.

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