PetroChina has signed a cooperation agreement with Encana Corporation to acquire a 50% interest in Encana’s Cutbank Ridge business assets in British Columbia and Alberta, Canada, for C$5.4bn ($5.42bn).
The assets include 52,609km² of land, 700mmcf per day processing capacity, 3,400km of pipelines and underground gas storage.
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The two firms will each invest 50% in a joint venture to increase natural gas production, according to PetroChina.
