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Malyasia makes big bet on natural gas from Canada
Petronas said Thursday it struck a deal to acquire Calgary`s Progress Energy Resources Corp. for $5.5-billion. Petronas also chose Prince Rupert, B.C., as home of its planned export terminal for liquefied natural gas.
International energy companies have been spending billions on remote natural gas plays in Alberta and B.C., with plans to sell the gas in Asia where prices are substantially stronger. With a supply glut of gas keeping prices depressed in North America, foreign companies armed with big cash reserves are being welcomed by Canadian energy firms.
Read the full article here.
Petronas said Thursday it struck a deal to acquire Calgary`s Progress Energy Resources Corp. for $5.5-billion. Petronas also chose Prince Rupert, B.C., as home of its planned export terminal for liquefied natural gas.
International energy companies have been spending billions on remote natural gas plays in Alberta and B.C., with plans to sell the gas in Asia where prices are substantially stronger. With a supply glut of gas keeping prices depressed in North America, foreign companies armed with big cash reserves are being welcomed by Canadian energy firms.
Read the full article here.