Encana and Mitsubishi Strike Deal on Northeast B.C. Gas Play
Friday, February 17, 2012 @ 1:30 PM
Prince George, B.C. – Encana Corporation has announced it has entered into an agreement with Mitsubishi Corporation that will see the Japanese corporation pump about $2.9 billion dollars into a natural gas project in the north east.(At right, Encana’s existing Cutbank Ridge facility, photo courtesy Encana Corporation)
Mitsubishi will gain a 40% interest in the Cutbank Ridge Partnership, which holds about 165,500 net hectares of Encana’s undeveloped Montney-formation natural gas lands in the Cutbank Ridge resource play.
The Provincial Government says the investment and long term growth plans are expected to create significant jobs, investment, economic opportunity and new revenue for the province.
Premier Christy Clark says the investment in the natural gas sector is proof of investor confidence in B.C.’s economy and sends a strong signal that “British Columbia is a safe harbour in stormy economic seas.”
“The strategies are the results of years of work with communities, First Nations, and businesses,” said Rich Coleman, Minister of Energy and Mines. “The time is right to build the industry, to make sound policy decisions to support growth and clean energy, and to take action to ensure our province benefits from the opportunities that have emerged as a result of our natural-gas potential.”
The Cutbank Ridge Partnership’s lands have proved undeveloped reserves of approximately 900 billion cubic feet of natural gas equivalent. The lands contain estimated natural gas initially in place of about 130 trillion cubic feet.
This transaction does not include any of Encana’s current Cutbank Ridge production of about 600 million cubic feet of natural gas per day, processing plants, gathering systems or Encana’s
Comments
Cutbank Ridge is located 50 miles South of Dawson Creek, BC
900 billion cubic feet is 3.67 years of Consumption in BC according to these guyshttp://www.centreforenergy.com/FactsStats/statistics.asp?template=5,1.
I understand they want to export 1.8 million tons of LNG per year,
I googled and found that 1 cubic foot of gas is .0002 tons of LNG so I figure thats 9 trillion cubic feet per year,I also understand they say there is 200 to 1000 trillion cubic feet there to get, so that means at 9 trillion per year the gas will last somewhere between 22.2 years to 111.1 years.
so what if we only get 25 years?
everybody thinks its’s a good idea to sell this gas as fast as possible? then what?
ok my math is wrong, 9 billion cubic feet per year, so we got 200 years or 1000 years, no problem then get those drill rig moving
my math is really wrong that should 784 years to 40000 years, so if thats really there I guess no problem (note to self double check math before posting)
“The Cutbank Ridge Partnership’s lands have proved undeveloped reserves of approximately 900 billion cubic feet of natural gas equivalent. The lands contain estimated natural gas initially in place of about 130 trillion cubic feet.”
So does this mean we can only get 900 billion out of that 130 trillion?
does that percent recovery apply to the 200 to 1000 trillion they say is there?
obviously my math sucks but I get .0069%
recovery
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