Encana, PetroChina enter into exploration deal

Encana Corp. and a subsidiary of China's state-owned PetroChina have entered into a joint venture agreement to explore and develop shale natural gas in Alberta.

Encana said Thursday that the PetroChina subsidiary, Phoenix Duvernay Gas, will invest US$2.21 billion for a 49.9 percent interest in about 445,000 acres (180,000 hectares) Encana has in the emerging Duvernay formation.

Encana will remain the operator of the Duvernay joint venture, which will see the partners together spend $4.06 billion on drilling, completion and processing facilities over the next four years.

Read Full Article from The Seattle Times

- Posted: 2012-12-13 16:40:50

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