Malaysia's Petronas divests stake in Canadian shale gas asset

By VCPOST Staff Reporter

Nov 12, 2013 06:22 AM EST

Malaysia's Petronas was reportedly close to selling its stake in Canadian natural gas exploration and prodcution company Progress Energy Resources Co.   

Sources cited by Reuters in previous reports said that the state oil firm was in talks to sell part of its Canadian shale gas assets to Indian Oil Corp.

Petronas Chief Executive Shamsul Azhar Abbas has yet to give further details on the matter.

According to the Financial Post, Petronas completed its USD6 billion takeover of Progress Energy Resources last year.

The acquisition deal gave Malaysia's national oil company shale gas properties in northeastern British Columbia. At that time, the company was expanding abroad following a slowdown in Malaysian oil production, Reuters said.

Petronas has already sold a 10% stake in the integrated natural gas development and LNG project to hydrocarbon exploration and production company Japan Petroleum Exploration.

Petronas was also reportedly sealing a USD850 million deal to buy a stake in two offshore oil blocks owned by struggling Brazilian oil company OGX.    

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