Encana to sell Piceance basin midstream natural gas assets

Encana Corp. unit Encana Oil & Gas (USA) Inc. agreed to sell a portion of its Piceance natural gas midstream assets in Colorado to a private midstream company. The assets included in the sale serve Encana’s Mamm Creek, Orchard, and South Parachute production around Rifle, Colo., about 180 miles west of Denver. They gather and transport about 500 MMcfd, and include about 260 miles of pipeline and 90,000 hp of compression.

Encana expects the $590-million sale, subject to regulatory approvals and customary conditions, to close in the fourth quarter.

The company is also in the process of divesting its Cabin gas Plant, 60 km west of Fort Nelson in British Columbia’s Horn River basin, and its Cutbank Ridge midstream assets in northeast British Columbia and northwest Alberta. Construction on the first of two 400 MMcfd processing trains at the Cabin plant is under way, with Encana stating earlier in the year that it hoped to begin operations in 2012 (OGJ Online, Jan. 18, 2011).

Encana produced 401 MMcfed at Cutbank Ridge in 2010, from the Montney, Cadomin, and Doig formations. The company called off joint-venture talks with PetroChina regarding Cutbank Ridge in June (OGJ Online, June 21, 2011).

Contact Christopher E. Smith at chriss@ogjonline.com.

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