Norton Rose is advising Malaysian state-owned oil and gas company Petroliam Nasional Bhd., better known as Petronas, on its proposed $5.4 billion acquisition of Canadian gas exploration and production company Progress Energy Resources Corp. The deal is subject to shareholder and regulatory approval.
 
Progress Energy has turned to Calgary firm  Burnet, Duckworth & Palmer for legal advice on the sale.
 
The acquisition will give Petronas majority shares in the Montney shale gas area of British Columbia and full control of three other production basins.
 
Last year, Petronas bought a 50-percent stake in Progress Energy’s Montney site for $1.1 billion. Toronto-based MacLeod Dixon advised Petronas on that investment. The 250-lawyer firm subsequently merged into the Norton Rose Group at the beginning of 2012.
 
Norton Rose Calgary partners Chrysten Perry and Kevin Johnson are leading the firm’s work on the deal.
 
Burnet Duckworth’s team includes partners John Cuthbertson and Jody Wivcharuk. The firm acted for Progress Energy on the earlier transaction with Petronas as well.
 
Email: jseah@alm.com