Friday, February 17, 2012

Mitsubishi and EnCana Form a Natural Gas Partnership in British Columbia -- Absolutely Nothing To Do With the Bakken -- February 17, 2012

Updates

September 27, 2017; update on Montney.

August 7, 2017: canceled LNG project casts shadow over Canada's biggest shale play.
Petronas' decision to cancel its Pacific NorthWest LNG project is a blow to the growth outlook for Canada's largest shale play, eliminating a potentially huge source of future gas demand.

Gas from the Montney shale play in western Canada would have supplied the C$36 billion ($28.7 billion) project in northern British Columbia. The project, majority-owned by Malaysia's Petronas, would then have shipped 12 megatonnes per year of liquefied natural gas to Asia.
Instead, state-owned Petroliam Nasional Bhd (Petronas) subsidiary Progress Energy will keep developing and selling gas from its vast Montney position into a North American market where prices have been languishing at historically low levels.

May 20, 2017: as a natural gas play, Montney, "Permian of the North" is back

March 13, 2016: competing with the Marcellus for eastern Canada

March 3, 2016: update on polyethylene cracker in North Dakota; the tsunami will include the natural gas from Montney.  

Original Post

Asia Continues to Buy North American Assets

Link here.
Mitsubishi Corp. agreed to acquire a partnership with EnCana Corp. to develop Cutbank Ridge undeveloped lands in northeastern British Columbia. Terms call for Mitshbishi to invest $2.9 billion (Can.) for a 40% interest.

The partnership holds 409,000 net acres of Encana’s undeveloped Montney formation gas assets in the Cutbank Ridge play. Encana will operate the partnership and be the managing partner with 60% interest in the partnership.

Randy Eresman, Encana president and chief executive officer, said Encana began nearly a decade ago to assemble its land position in the Cutbank Ridge in the foothills of the Canadian Rockies.

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