Progress Energy Resources is selling a 50% stake in three Canadian shale gas fields to Petronas, The Wall Street Journal reports. The Malaysian state-owned oil company will pay a total of $1.1 billion for the acquisition.
The companies will also form a joint venture to explore exporting fuel and its properties will include five wells with minimal production. The companies will also export liquefied natural gas that will be 80% owned by Petronas and 20% by Progress.
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