PetroChina and Encana have called off their plans to develop a shale gas deposit in western Canada, Financial Times reports. Talks between the two companies broke down due to different views on key components.
As per the original agreement, PetroChina would acquire a 50% stake in the project and fund half of future capital costs, while Encana would operate the fields. PetroChina had planned to invest about $5.4 billion in the deal.
Click here for the story from Financial Times.
Click here for the additional coverage from Bloomberg.