Ovintiv, PetroChina Scrap Duvernay JV

摘要

Shale player Ovintiv said it has agreed to terminate a joint venture with China-based PetroChina in the Duvernay unconventional play. The two companies agreed to partition the Duvernay acreage and associated infrastructure and each company will independently own and operate their interests going forward, Ovintiv said, adding that there were no penalties or fees associated with the transaction. The two entered a “productive” 50-50 joint venture in the Duvernay play in 2012, back when the North American company was known as Encana (OD Dec.14'12).