Cenovus Energy logos are on display at the Global Energy Show in Calgary, Alta., Tuesday, June 7, 2022. Athabasca Oil Corp. and Cenovus Energy Inc. say they will create a new joint venture stand-alone company called Duvernay Energy Corp. THE CANADIAN PRESS/Jeff McIntosh
Athabasca Oil Corp. and Cenovus Energy Inc. say they will create a new joint venture stand-alone company called Duvernay Energy Corp.
The two companies say Athabasca will own a 70 per cent equity interest in Duvernay Energy with Cenovus owning the remaining 30 per cent.
The companies will jointly fund the creation of Duvernay, with Athabasca contributing $22 million in seed capital and Cenovus contributing $18 million.
The creation of the joint venture will consolidate the two companies’ assets in the prolific Kaybob Duvernay resource play in northwest Alberta.
The companies say current production from the Duvernay Energy assets is 2,000 barrels of oil equivalent per day, and they plan to grow that to 25,000 boe/d by the end of the decade.
Athabasca will manage Duvernay Energy through a management and operating services agreement. Duvernay’s board of directors will include three members nominated by Athabasca and one member nominated by Cenovus.
This report by The Canadian Press was first published Dec. 19, 2023.
Companies in this story: (TSX:CVE; TSX:ATH)
- 0079 Ministry of Energy Business_incentive PO0079 Ministry of Energy Business_incentive PO
- 0078 LHOS 20240078 LHOS 2024
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0053 Kingston Midstream Westspur Alameda0053 Kingston Midstream Westspur Alameda
- 0076 Latus only0076 Latus only
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001