EnCana Corporation has confirmed that, after nearly a year of negotiations, talks have broken off with PetroChina International Investment Company for a proposed joint venture concerning Encana’s Cutbank Ridge business assets.
As a result, the Calgary-based company says it will now offer a variety of joint venture opportunities for portions of the undeveloped resources. It also says it will examine the possibility of a separate transaction with respect to its midstream pipeline and processing assets in the area.
Back in April, Encana announced plans seeking investors in two joint ventures on its assets in Northeast B.C. outside the Cutbank Ridge.
One is on undeveloped Horn River shale lands and the other is in the company’s Greater Sierra resource play.
The company says discussions are now well underway on both of those potential transactions but that it cannot offer any assurances regarding the outcome of those talks or any of the plans, intentions or expectations in forward-looking statements .