Petronas in $5.4bn Progress buy

Arvind Balaraman/Freedigitalphotos.net

Eoin O'Cinneide

 28 June 2012 11:51 GMT

Malaysia's Petronas is forking out a monster $5.4 billion on the acquisition of Canadian player Progress Energy Resources.

The Kuala Lumpur-listed major is strengthening its hands when it comes to both unconventional plays and LNG with the purchase revealed on Thursday.

The acquisition price is put at "about C$5.5 billion" ($5.36 billion), although Petronas did not specify if subsidiary Petronas Carigali Canada - the buying entity - would be paying in cash or shares or a mixture of the two.

"The proposed acquisition builds on the previous arrangement between the two parties to develop a portion of Progress’ shale assets as well as on the intention to pursue the development of…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index