Canadian shale gas project is expected to become shareholders in the oil optimistic

Canadian shale gas project is expected to become shareholders in the oil optimistic
Canadian  shale gas  project generally optimistic, PetroChina stake in Canadian shale gas project is expected. Canadian energy company recently announced that it has with China National Petroleum Corporation signed an agreement, the two sides will set up a joint venture to develop ECA is located in Alberta, Canada Dewey Nell  shale gas  project.
According to ECA's announcement, in the oil field will be 2.18 billion Canadian dollars (about $ 2.2 billion) stake in the shale gas price of 49.9% interest in the project. In the transaction, the oil will advance to pay 1.18 billion Canadian dollars, and another $ 1 billion in the next four years to cover the development costs in the form of payment, the two sides will invest a total of 4 billion Canadian dollars in drilling and processing equipment. As Canada's largest natural gas producer, ECA will serve as the  shale gas  project operator.
It is reported that the project covers a land area of ??approximately 445,000 acres (180,000 hectares combined), estimated reserves of about 90 billion barrels of oil equivalent. It is understood that although the transaction is subject to approval, but the approval process will not be as stringent as CNOOC acquisition of Richard Nixon. Since oil accounts for only a small part of the project equity, the deal does not have to receive federal approval. The transaction is also Canada announced on foreign investment in state-owned major energy after the first case of a large new standard transaction.