Encana, PetroChina End Negotiations for $5.5 Billion Canadian Oil Venture
Investing News Network - June 21st, 2011
Bloomberg reports that Encana Corp. (TSE:ECA) and a unit of PetroChina Co. (PINK:PCCYF) ended negotiations for a C$5.4 billion ($5.5 billion) agreement for a 50 percent stake in a Canadian natural-gas asset.
Bloomberg reports that Encana Corp. (TSX:ECA) and a unit of PetroChina Co. (PINK:PCCYF) ended negotiations for a C$5.4 billion ($5.5 billion) agreement for a 50 percent stake in a Canadian natural-gas asset.
The market news is quoted as saying:
The value of oil and gas deals in Canada plunged 35 percent to $11 billion through June 15, the biggest drop since 2003, data compiled by Bloomberg show. Energy accounts for almost 7 percent of the nation’s gross domestic product, according to the Energy Council of Canada.