Seeking Alpha

Encana says it's willing to sell Deep Panuke gas project

  • Encana (ECA) says it is open to selling its $1B Deep Panuke natural gas project offshore Nova Scotia as it shifts focus to five core areas of production.
  • Deep Panuke, which last month reached full production of 300M cf/day of gas from four wells, has benefited from stronger prices as a result of extreme cold weather that hit much of the U.S. northeast in recent weeks, but the company feels it no longer fits into its portfolio.
  • The comments are another sign of the broad restructuring under way at ECA, which is attempting to rewrite its strategy after surging production from shale deposits cut prices for the heating fuel.
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