Encana, PetroChina Nix JV in Cutbank Ridge

Encana Corp., Canada’s No. 1 natural gas producer, on Tuesday said it has ended talks with a subsidiary of PetroChina International Ltd. to jointly develop a gassy Cutbank Ridge leasehold, which straddles the borders of northeast British Columbia (BC) and northwest Alberta.

June 22, 2011

Industry Brief

South Korean producer STX Energy Co. has paid Encana Corp. C$152 million (US$144 million) to acquire the Maxhamish natural gas field in northwestern Canada. Estimated reserves in the Canadian gas field are about 120 Bcf. Current output from the field is 20.5 MMcf/d. STX said it plans to raise output to around 27 MMcf/d in the near term. Annual sales are expected to be C$40 million for at least 30 years, the producer said. South Korea imports nearly all of its energy, and STX said it plans to look for more investments overseas in the near term.

August 31, 2010