Ovintiv Inc. introduced that its subsidiary, Ovintiv Canada ULC, has closed an settlement with PetroChina Canada Ltd. (PCC) to terminate the events’ three way partnership and switch the possession and operation of sure Duvernay shale belongings in west-central Alberta. Ovintiv and PCC have agreed to partition the Duvernay acreage and related infrastructure as every firm will independently personal and function their pursuits going ahead. There had been no penalties or charges related to this transaction.Ovintiv and PCC have been in a productive three way partnership within the Duvernay since 2012. Prior to immediately’s settlement, the events every held an approximate 50% curiosity throughout the whole asset with Ovintiv serving as operator. Following the shut of this transaction, Ovintiv’s internet manufacturing, proved reserves and acreage within the Duvernay shall be unchanged. Ovintiv may have a consolidated curiosity in roughly 250,000 internet acres and its second quarter 2020 common internet day by day manufacturing from the Duvernay was roughly 13,000 BOE/d (43% liquids).
Ovintiv (Formerly Encana) is without doubt one of the largest unbiased producers of crude oil and condensate in North America. The Company, primarily based in Denver, CO, is dedicated to preserving its monetary energy, maximizing profitability by way of disciplined capital investments and operational efficiencies and returning capital to shareholders. A gifted group, together with a tradition of innovation and effectivity, fuels our financial efficiency, will increase shareholder worth and strengthens our dedication to sustainability within the communities the place we reside and work.
(Source: Ovintiv – Image: Drilling the Duvernay Shale/Vancouver Sun)
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