Petronas/Progress Energy

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

Malaysia’s state-owned oil and gas company, Petronas, has agreed to buy Canada’s Progress Energy to exploit unconventional gas reserves.

<div style="text-align: left;"> New technology has made it possible for companies like Progress to exploit resources that were once considered uneconomic </div>

Nick Ferguson

July 03, 2012

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).

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