(Reuters) - Encana Corp (ECA.TO) said it will speed up commercialization of its oil and liquids-rich assets through partnerships, but the company did not say how much the deals were valued at.
Last week, Encana launched a formal search for a partner to help develop properties in the United States and Canada with potential for lucrative oil and liquids-rich natural gas, as it struggled with chronically depressed prices for dry gas.
“At this point, it is premature to speculate on the size or value of any potential transaction,” said Canada’s largest natural gas producer and one of the biggest in North America.
Encana said it plans to market partnership opportunities covering about 375,000 net acres in the Alberta Duvernay.
The company, which has land positions in liquids-rich areas such as the Tuscaloosa Marine shale, the Utica/Collingwood formations in Michigan and Eaglebine in East Texas, also said it is looking at partnerships to accelerate the commercialization of about 1.2 million net acres within these areas.
“Accelerating the rate of development on our oil and liquids-rich land holdings can be achieved by leveraging third-party capital which shortens our development timelines, reduces our cost structures,” Chief Executive Randy Eresman said.
Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Supriya Kurane