PetroChina joins Encana in the Duvernay for US$2.2 billion
The emerging Duvernay play has received another vote of confidence with the formation of a joint venture between PetroChina and Encana. PetroChina will pay Cdn$2.2 billion (US$2.2 billion), including a Cdn$1-billion cost carry, for a 49.9% stake in Encana's Duvernay assets. The Duvernay is an early-stage liquid-rich shale gas play and its ultimate potential is still unknown. Activity has so far been limited to delineation and test drilling. Its economics are challenged by high well ...