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Ovintiv Inc. has closed an agreement with PetroChina Canada Ltd. to terminate the parties' joint venture and transfer the ownership and operation of certain Duvernay shale assets in west-central Alberta.
The JV was initially formed in 2012 when PetroChina spent C$2.18 billion to acquire a 50% stake in Ovintiv (then Encana's) Alberta Duvernay asset.
Ovintiv and PCC have agreed to partition the Duvernay acreage and associated infrastructure as each company will independently own and operate their interests going forward. There were no penalties or fees associated with this transaction.
Following the close of this transaction, Ovintiv's net production, proved reserves and acreage in the Duvernay will be unchanged. Ovintiv will have a consolidated interest in approximately 250,000 net acres and its second quarter 2020 average net daily production from the Duvernay was approximately 13,000 BOE/d (43% liquids).
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