U.S. Markets closed
  • S&P 500

    3,298.46
    +51.87 (+1.60%)
     
  • Nasdaq

    10,913.56
    +241.29 (+2.26%)
     
  • Russell 2000

    1,474.91
    +23.09 (+1.59%)
     
  • Crude Oil

    40.04
    -0.27 (-0.67%)
     
  • Gold

    1,864.30
    -12.60 (-0.67%)
     
  • Silver

    22.99
    -0.21 (-0.91%)
     
  • EUR/USD

    1.1639
    -0.0037 (-0.3142%)
     
  • 10-Yr Bond

    0.6590
    -0.0070 (-1.05%)
     
  • Vix

    26.38
    -2.13 (-7.47%)
     
  • GBP/USD

    1.2744
    -0.0007 (-0.0586%)
     
  • BTC-USD

    10,703.98
    -56.60 (-0.53%)
     
  • CMC Crypto 200

    230.19
    +12.36 (+5.67%)
     
  • FTSE 100

    5,842.67
    +19.89 (+0.34%)
     
  • Nikkei 225

    23,204.62
    +116.80 (+0.51%)
     

PCC Enters Into Agreement to Own and Operate Duvernay Properties

CALGARY, AB, Sept. 1, 2020 /CNW/ - PetroChina Canada Ltd. (PCC) has closed an agreement with Ovintiv Canada ULC, a subsidiary of Ovintiv Inc., to assume ownership and independent operation of certain Duvernay shale gas properties in west-central Alberta. The Duvernay asset produces liquid-rich gas and condensate.

PetroChina Canada Logo (CNW Group/PetroChina Canada)
PetroChina Canada Logo (CNW Group/PetroChina Canada)

PCC previously held a 49.9% non-operating interest in the entire Duvernay asset in a joint venture with Ovintiv. Following the close of this transaction, PCC assumes full ownership and operatorship of certain previous JV lands and production while Ovintiv assumes full ownership and operatorship of the balance of the lands and production.

The transaction results in PCC independently owning and operating approximately 13,000 boe/d at Duvernay. For an interim period, PCC will subcontract operatorship on its Duvernay lands to Ovintiv until PCC takes on the role of sole operator.

"Full ownership and operatorship of the Duvernay asset is a significant step in the evolution of PCC's business," said Jilin Fu, PCC president and CEO. "It is also a major development in our upstream capabilities, which include increasing production at our MacKay River Commercial Project in northern Alberta, and continuing progress with our Groundbirch tight gas asset in British Columbia which will provide equity gas for our interest in LNG Canada."

As PCC builds a skilled team to manage and operate the Duvernay asset, the company plans to hire engineers, technical specialists, and other functional disciplines as required to support the asset. Watch the PCC Careers page for details.

About PetroChina Canada Ltd.
PetroChina Canada Ltd. is an integrated oil and gas company, with interests in upstream, midstream and downstream operations in Alberta and British Columbia. Founded in 2010, PetroChina Canada is a wholly owned subsidiary of PetroChina International, headquartered in Beijing, People's Republic of China. For more information, visit PetroChinaCanada.com.

SOURCE PetroChina Canada


Cision
Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2020/01/c4101.html