Osler on $5.4B PetroChina Deal

Janice Buckingham, Paula Olexiuk, Peter Glossop

Feb 10, 2011

By Jessica Seah with Julie Triedman, The AmLaw Daily

In a coup for Calgary offices of Canadian firms, Osler, Hoskin & Harcourt LLP [is among those] advising on oil giant PetroChina Company Limited’s proposed $5.4 billion investment in Encana Corporation’s natural gas assets.

The proposed joint venture, announced Wednesday, would be the largest Chinese investment in Canada’s energy sector.

PetroChina will take a 50 percent stake in Calgary-based Encana’s Cutbank Ridge natural gas assets in British Columbia and Alberta.

Canada is a hot spot for Chinese Investment, as reported in an August 2010 feature in The American Lawyer. The article highlights the political fanfare surrounding the announcement of Encana and PetroChina’s original memorandum of understanding on gas investments last June. [To read the full article from The American Lawyerclick here.]

Chinese acquisitions in Canada and U.S. increased 81% in 2010, reaching $6.8 billion collectively by the end of September. The energy and natural resources sector alone accounts for 70 percent of the increase.

Osler, based in Toronto, is representing PetroChina on the deal.... The firm’s team was led by corporate partners Robert Desbarats and Paula Olexiuk in Calgary, and includes corporate partner Janice Buckingham, also in Calgary and competition partner Peter Glossop in Toronto.