Deals
Encana, PetroChina End $5.5 Billion Canadian Gas Venture
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Encana Corp. and a unit of PetroChina Co. have called off a joint venture after failing to complete a C$5.4 billion ($5.5 billion) agreement for a 50 percent stake in a Canadian natural-gas asset during almost a year of talks.
The agreement was for Encana’s Cutbank Ridge reservoir in British Columbia and Alberta, which will now be offered up in portions through a “variety of joint venture opportunities,” the Calgary-based company said in a statement today. The company, Canada’s largest gas producer, will also look at doing a deal for its pipeline and processing assets in the area.