Encana, PetroChina call off Cutbank Ridge talks

By OGJ editors
HOUSTON, June 21
– Encana Corp. and PetroChina International Investment Co. were “unable to achieve substantial alignment” after more than a year on a proposed joint venture in Encana’s Cutbank Ridge assets in western Canada, including the joint operating agreement.

Instead, Encana will initiate broad-based marketing of portions of its undeveloped Montney resources and midstream assets in Cutbank Ridge.

Encana will offer a variety of joint venture opportunities for portions of the undeveloped resources, and, separately, examine a transaction with respect to its midstream pipeline and processing assets in the area. Each opportunity has the potential for strong long-term growth and value generation, said Randy Eresman, Encana’s president and chief executive officer.

Meanwhile, Encana said discussions are well under way on its April 2011 plan to seek investors in the Horn River shale lands and Greater Sierra resource play in Northeast British Columbia. Talks are also advanced on a potential divestiture of producing assets in the north part of Greater Sierra.

Those transactions are expected 2011 proceeds and joint venture investments of between $1-2 billion, exceeding Encana’s net divestiture target for 2011 of $500 million to $1 billion. That estimate for higher 2011 divestiture and joint venture proceeds does not include any potential investments in Cutbank Ridge.

Related Articles

Induced seismicity research effort identifies information gaps

11/10/2014 A federally coordinated effort to determine whether oil and gas activities are related to growing reports of induced seismic activity has identifie...

Canada Briefs

08/13/2014

Liard and the Besa River shale

08/20/2012

Northern Canada’s lesser-explored basins leave lots of scope for big plays, including in thick sections of Devonian-age sediments.

Quicksilver, KKR form partnership for Horn River midstream

12/28/2011 Units of Quicksilver Resources Inc., Fort Worth, and Kohlberg Kravis Roberts & Co. LP have formed a midstream partnership to build and operate ...

Nexen, Inpex form venture to develop BC shale gas

11/29/2011 Nexen Inc. and a consortium led by Japan’s Inpex Corp. agreed to create a joint venture to develop unconventional shale gas assets in the Horn Rive...

Pembina to expand Montney shale NGL pipeline capacity

11/11/2011 Pembina Pipeline Corp. will install five new pump stations and upgrade five existing pump stations to expand NGL throughput capacity on its Peace a...

Spectra reaches Montney shale gas processing agreements

10/21/2011 Spectra Energy Corp. has entered into multiyear agreements with Progress Energy Resources Corp. to provide a total 370 MMcfd of natural gas gatheri...

Encana to sell interest in Cabin Gas plant

10/07/2011 Enbridge Inc. reached an agreement with Encana Corp., both of Calgary, to acquire Encana’s interest in the Cabin Gas plant in the Horn River basin ...

ExxonMobil takes Argentina shale farmout

08/31/2011 ExxonMobil Exploration Argentina SRL and a unit of Americas Petrogas Inc., Calgary, will explore and possibly exploit the Canadian company’s 163,50...

White Papers

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by

Available Webcasts



Global LNG: Adjusting to New Realties

When Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

When Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST



On Demand

The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected