Petronas invests $5.4 billion in Canada's shale gas glut

The flurry of deals from Malaysia continued on Friday, when executives from national oil and gas company Petronas signed an agreement in Calgary to buy its Canadian partner, Progress Energy Resources, for C$5.5 billion $5.4 billion.

The proposed deal, which is the biggest ever overseas acquisition by a Malaysian company, comes almost exactly a year after the two companies agreed to jointly develop three of Progress’s shale fields in the foothills of northeast British Columbia, as part of a plan to export liquefied natural gas LNG to Asia. Petronas paid $1 billion for a 50% stake in the venture, which represented 9% of Progress’s land holdings.

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