Email
Print 
Bookmark
Ovintiv Inc. has closed an agreement with PetroChina Canada Ltd. to terminate the parties' joint venture and transfer the ownership and operation of certain Duvernay shale assets in west-central Alberta.
The JV was initially formed in 2012 when PetroChina spent C$2.18 billion to acquire a 50% stake in Ovintiv (then Encana's) Alberta Duvernay asset.
Ovintiv and PCC have agreed to partition the Duvernay acreage and associated infrastructure as each company will independently own and operate their interests going forward. There were no penalties or fees associated with this transaction.
Following the close of this transaction, Ovintiv's net production, proved reserves and acreage in the Duvernay will be unchanged. Ovintiv will have a consolidated interest in approximately 250,000 net acres and its second quarter 2020 average net daily production from the Duvernay was approximately 13,000 BOE/d (43% liquids).
Related Categories :
Deals - Joint Ventures
More Deals - Joint Ventures News
-
Schlumberger, Aker Solutions Ink Subsea-Focused JV
-
California Resources Second Quarter 2022 Results
-
Equinor to Exit Russian JVs, Halt New Investments in Country
-
Talos, Storegga Partner for Carbon Capture Storage Project in GOM
-
ExxonMobil, Petronas Tout Discovery Offshore Suriname
Canada News >>>
-
Western Canada Upstream M&A: Q1 2026 Transaction Report
-
Canadan E&P 2026 Program Calls for 448 Net Wells, Up 24% vs. 2025 Plan -
-
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
-
Whitecap Details 2026 Duvernay & Montney Program
-
ARC Resources: Lower 2026 Capex, Higher Volumes
