Duvernay

Canadians can make a strong start on tapping Alberta’s Duvernay Shale, even if natural gas and oil prices stay flat, according to an economic geology forecast by government earth scientists.

Sweet spots in Alberta’s Duvernay Shale natural gas formation harbor 9.6 billion bbl of liquid byproducts and premium light oil, according to a new marketable resources appraisal released Tuesday by provincial and federal earth-sciences agencies.

Vesta Energy Corp., a privately-held exploration and production (E&P) company focused on light oil targets in a shallow area of Alberta’s Duvernay Shale, has secured C$295 million (US$217.9 million) in financing from a group of private equity firms.

A 20-year Alberta shale gas liquids processing and transportation deal announced Thursday has potential to sire a multibillion-dollar chain of high-volume facilities, Calgary-based Pembina Pipeline Corp. predicted.

Canada’s youngest shale play, the Duvernay geological formation, is emerging as “extremely competitive” on the North American scale of drilling targets, a Calgary industry conference heard Wednesday.

Continuing production growth in northern liquids-rich shale deposits has prompted Pembina Pipeline Corp. to launch construction of its third natural gas processing plant scheduled for completion over the next two years.

Western Canada's onshore plays yield comparable results to key liquids-heavy producing regions in the Lower 48 states, a positive sign once prices strengthen and demand for oilsands diluent grows, Wood Mackenzie Ltd. is estimating.

Western Canada’s onshore plays yield comparable results to key liquids-heavy producing regions in the Lower 48 states, a positive sign once prices strengthen and demand for oilsands diluent grows, Wood Mackenzie Ltd. is estimating.

Four years after inspiring a Canadian mineral rights leasing rush, a Louisiana-sized Alberta drilling target — known as the Duvernay among geologists and dubbed “new millennium gold” by stock promoters — is turning out to be a mixed bag.