Deal frees Encana to pursue its condensate-focused growth strategy in the Montney.
Last month Encana said it plans to invest nearly 70% of this budget to boost production in Permian and Montney, as oil investors pressure producers to improve production without significantly increasing capital budgets.
Currently, Murphy Oil has a search process underway to identify CFO John W. Eckart’s successor, the El Dorado, Ark.-based company said in a press release.
Canadian producers and global oil majors are increasingly exploring the Duvernay and Montney formations, which they say could rival the most prolific U.S. shale fields.
TGS continues to strengthen its onshore position with new seismic projects in key shale basins of North America, such as the Permian Basin, Scoop/Stack and the Montney.
Encana has benefited from focusing on four core North American basins: the Montney and Duvernay shales in Canada, and the Eagle Ford Shale and Permian Basin in the U.S.
Students, speakers presented geophysical research results from the Colorado School of Mine’s 2017 reservoir characterization project.
Canadian well drilling forecasts for 2018 has put the pressure on for governments and regulators to lower regulatory compliance costs, help boost investor confidence and improve market access.
Although spend on short-cycle unconventionals dominate, the E&P is keeping an eye on promising exploration growth areas amid asset sales, debt reduction and volatile commodity prices.
The Duvernay field in Canada’s western province of Alberta holds the country’s largest marketable resources of unconventional light shale oil and condensate.