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8 Pages

PetroChina acquires 50% of Encana's Cutbank Ridge assets


PetroChina acquires 50% of Encana's Cutbank Ridge assets

Report summary

In its largest acquisition to-date, PetroChina has acquired 50% of Encana's Cutbank Ridge assets for Cdn$5.4 billion (US$5.4 billion). The deal is PetroChina's first venture into the North American natural gas space, and the largest of an increasing number of acquisitions by Chinese NOCs in the region. The transaction substantiates two of our key messages for M&A drivers in 2011; unconventional gas and the voracious appetite for resource capture of the Chinese NOCs.The ...

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Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Focus on the Montney gas play
  • Deal analysis
  • Upsides and risks
    • Upsides
    • Risks
  • Strategic rationale
    • PetroChina
    • Encana
  • Oil & gas pricing and assumptions

In this report there are 7 tables or charts, including:

  • Executive summary
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Wood Mackenzie valuation sensitivity to gas price, discount rate and 2P reserve modelling assumption
    • Deal analysis: Table 2
  • Upsides and risks
  • Strategic rationale
    • Strategic rationale: Table 1
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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