Petronas entered Canada in 2011 to build a full upstream gas and LNG business. It did this in the face of declining domestic production and need to source international gas for both domestic consumption and its LNG trading portfolio. It made a move in June 2011 to partner with Progress Energy for CAD1.1 billion by agreeing to fund the majority of future drilling and capital expenditure on the company’s vast acreage position in the Montney play....
