Further expanding Asia's foothold in the North American shale-gas sector, PetroChina International Investment Co. Ltd., a subsidiary of PetroChina Co. Ltd., Beijing, (NYSE: PTR) has formed a 50/50 joint venture with Calgary-based Encana Corp. (NYSE; Toronto: ECA) for a 50% stake in the Canadian gas producer's Cutbank Ridge gas-rich assets in British Columbia and Alberta. 

At a total deal value of C$5.4 billion, the JV is China's largest Canadian upstream transaction ever recorded, based on data compiled by the IHS Herold Global M&A Database.

The transaction metrics are also rich, ...