Ovintiv CEO Brendan McCracken said the assets ‘come with ample midstream capacity, unlocking optionality for mid-single digit growth in our Montney volumes’
The shale formation, a 50,000-square-mile area spanning northern Alberta and British Columbia, is considered one of Canada’s most attractive oil and gas-producing regions due to its strong economics.
The assets are located near Ovintiv’s current operations and will add nearly 70,000 barrels of oil equivalent per day of production at the Montney formation in Alberta, along with about 900 net well locations. The company said it will also sell its Uinta Basin assets in Utah to FourPoint Resources for $2-billion.
Ovintiv will allocate about 85 per cent to 90 per cent of its total capital to operations in the Permian and Montney shale plays, the company said.
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