Update: PetroChina inks $2.18 billion Encana deal, Joint venture to invest $4 billion to develop Alberta Duvernay

Update: PetroChina inks $2.18 billion Encana deal, Joint venture to invest $4 billion to develop Alberta Duvernay by Dan Healing, December 13, 2012, Calgary Herald
Less than a week after Ottawa clarified rules on state-owned enterprise investments in Canadian energy companies, Encana Corp. has announced a $2.18-billion joint venture with PetroChina. Canada’s largest natural gas producer announced Thursday it would sell a 49.9 per cent stake in its early-stage Alberta Duvernay liquids-rich gas holdings to Phoenix Duvernay Gas, a subsidiary of Chinese-owned PetroChina. The company checked in with the federal government before finalizing the deal, confirmed Mike McAllister, acting president of Encana’s Canadian division, in an interview. He said the joint venture fits in well with investing guidelines released last Friday when Ottawa approved the $15.1-billion takeover of Nexen Inc. by Chinese-owned CNOOC. “Right in the guidelines they talk about welcoming joint ventures for non-controlling interests, very similar to the joint venture we closed today with PetroChina,” he said. … In April, Encana sold a one-third interest in its Alberta heritage coal bed methane field to Japan’s Toyota Tsusho Corp. for $602 million.

This entry was posted in Global Frac News. Bookmark the permalink.