PetroChina to take full ownership of Duvernay properties after agreement with Ovintiv
PCC previously held a 49.9% non-operating interest in the entire Duvernay asset in a joint venture with Ovintiv. Following the close of this transaction, PCC assumes full ownership and operatorship of certain previous JV lands and production while Ovintiv assumes full ownership and operatorship of the balance of the lands and production.
The transaction results in PCC independently owning and operating approximately 13,000 boe/d at Duvernay. For an interim period, PCC will subcontract operatorship on its Duvernay lands to Ovintiv until PCC takes on the role of sole operator.
"Full ownership and operatorship of the Duvernay asset is a significant step in the evolution of PCC's business," said Jilin Fu, PCC president and CEO. "It is also a major development in our upstream capabilities, which include increasing production at our MacKay River Commercial Project in northern Alberta, and continuing progress with our Groundbirch tight gas asset in British Columbia which will provide equity gas for our interest in LNG Canada."
As PCC builds a skilled team to manage and operate the Duvernay asset, the company plans to hire engineers, technical specialists, and other functional disciplines as required to support the asset.