Deal insight

Encana strikes new partnership with Mitsubishi on undeveloped Montney land

This report is currently unavailable

Further information

Contact us

Submit your details to receive further information about this report.

  • An error has occurred while getting captcha image
For details on how your data is used and stored, see our Privacy Notice.

Report summary

In one of the largest Montney transactions to date, Mitsubishi has acquired a 40% stake in 409,000 net acres of Encana's northeast British Columbia lands for Cdn$2.9 billion. Mitsubishi will pay Cdn$1.45 billion up front and invest the same amount again over the coming five years. Adding to its position in the Cordova Embayment, the deal cements Mitsubishi as a serious player in the Canadian unconventional gas space and adds further weight to its LNG export ambitions. For Encana, ...

What's included

This report contains

  • Document

    Encana strikes new partnership with Mitsubishi on undeveloped Montney land

    PDF 896.41 KB

Table of contents

  • Executive summary
  • Transaction details
    • Cutbank Ridge - Encana's Montney heartland
    • The Cadomin and Doig alternative
    • Five-year development plan
    • Massive resource potential
    • An attractive deal, provided the upside potential can be realised
    • Compares well to previous Montney deals
    • Sensitive to liquids content
      • LNG export economics prove very attractive
    • Upsides
    • Risks
    • Encana
    • Mitsubishi
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:


  • Outline of the Cutbank Ridge Partnership lands
  • Wood Mackenzie base case valuation sensitivity to liquids content


  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3

Questions about this report?

    • Europe:
      +44 131 243 4699
    • Americas:
      +1 713 470 1900
    • Asia Pacific:
      +61 2 8224 8898