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|Subject: Guess 49.9% doesn't count?||Date: 12/13/2012 4:01 PM|
|Author: tim443||Number: 411230 of 457703|
So its like we want your money to but ...
In truth this should work.
Word is they held off announcing this until the Nexen decision.
What I find odd is that Encana hived off their oil assets some years back to focus on Nat gas and now they are back trying to build up the oil thingy.
EnCana Corporation : Encana Announces Joint Venture to Develop Duvernay Lands
12/13/2012| 01:29pm US/Eastern
CALGARY, ALBERTA -- (Marketwire) -- 12/13/12 -- Encana Corporation (TSX: ECA) (NYSE: ECA) (Encana) has entered into a joint venture arrangement with Phoenix Duvernay Gas (Phoenix), a wholly owned subsidiary of PetroChina, to explore and develop Encana's extensive undeveloped Duvernay land holdings in west-central Alberta. Under the terms of the agreement, Phoenix will gain a non-controlling 49.9% interest in Encana's approximately 445,000 acres in the Duvernay play for total consideration of C$2.18 billion.
At closing C$1.18 billion was paid to Encana and C$1.0 billion is payable over the next four years in the form of a carry of half of Encana's share of development capital. During this period, the joint venture partners plan to invest a total of C$4.0 billion in new drilling, completion and processing facilities. Encana estimates that the Duvernay joint venture lands contain about 9 billion barrels of oil equivalent petroleum initially-in-place. Encana remains the operator of the joint venture with its 50.1% working interest.
Now we just need to get an oil pipeline to the West coast so the Chinese can take their 49.9% home? I suppose they can pick it up in Texas since this happened this morning?
Texas judge lifts halt on TransCanada pipeline construction
HOUSTON | Thu Dec 13, 2012 1:48pm EST
Dec 13 (Reuters) - A Texas judge on Thursday lifted a temporary restraining order filed by a landowner that had halted some of TransCanada Corp's work on a pipeline to carry heavy crude oil from Oklahoma to Texas refineries.
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