Ovintiv Sale of Duvernay Assets – download related well & facility permits

Ovintiv agreed to sell its Duvernay assets for approximately $263 million including approximately $12 million in contingency payments based on future commodity prices.

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The files provide details related to well & facility permits approved for Ovintiv Duvernay.

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The agreement is subject to ordinary closing conditions, regulatory approvals and other adjustments and is expected to close in the second quarter of 2021. Duvernay production averaged approximately 10 MBOE/d (43% liquids) in the fourth quarter of 2020. Ovintiv will update its guidance once the transaction has closed.

“Today’s announcement of the sale of our Duvernay asset combined with our strong fourth quarter and 2021 guide clearly demonstrate our commitment to debt reduction and puts us squarely on track to achieve our $4.5 billion dollar year-end 2022 goal,” said Suttles.


TGI is a privately held company that is 100% focused on providing asset management solutions.TGI’s technology which allows for seamless worldwide satellite coverage. Their seasoned specialists know how to successfully implement the right technology in order to streamline operations, automate work-flow and improve efficiency and productivity. TGI’s customers experience increased profits through the use of state-of-the-art technology.

Ovintiv’s 2021 planned capital investments are approximately $1.5 billion and are expected to generate non-GAAP Free Cash Flow of approximately $1 billion, assuming commodity prices of $50 WTI and $2.75 NYMEX. The capital program represents a cash flow reinvestment rate of about 60%, significantly lower than the Company’s framework of less than 75%.

Over 90% of total capital investment is earmarked for Ovintiv’s Core 3 assets—Permian, Anadarko and Montney. The Company plans to execute a load-levelled program with consistent quarterly levels of activity and capital spending.


Duvernay Shale natural gas formation located in Alberta harbor 9.6 billion bbl of liquid byproducts and premium light oil. Duvernay Shale is expected to have more marketable oil resource (3.4 billion barrels) than the Bakken Formation in Saskatchewan (1.4 billion barrels) and Montney Formation in Alberta and B.C. (1.1 billion barrels). However, the Duvernay’s oil resource is much smaller than the remaining bitumen reserves in Alberta’s oil sands (165 billion barrels). The Duvernay’s marketable gas resource (76.6 Tcf) is smaller than other unconventional gas resources in the Western Canada Sedimentary Basin, such as the Montney Formation (449 Tcf), Liard Basin – (219 Tcf) and Horn River Basin (78 Tcf).


Ovintiv is one of the largest producers of oil, condensate and natural gas in North America. The Company is committed to preserving its financial strength, maximizing profitability through disciplined capital investments and operational efficiencies and returning capital to shareholders. A talented team, in combination with a culture of innovation and efficiency, fuels Ovintiv’s economic performance, increases shareholder value and strengthens its commitment to sustainability in the communities where its employees live and work.

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