-10.2 C
Fort St. John
Monday, January 21, 2019
9924 101 ave Fort St. John, B.C.
Advertisement
Advertisement
Home News EnCana optimistic about Horn River Basin

EnCana optimistic about Horn River Basin

Advertisement

EnCana Corp. says the Horn River shale gas play could be one of the most important gas finds in North America, and, the remote unconventional natural gas deposit, near Fort Nelson has the potential to dramatically alter the continental supply picture.

CEO Randy Eresman has told a news conference in Calgary, it is still too early to commit to full-scale commercial development,but, the Horn River Basin has enough gas to become "One of the most important plays in our company."

Horn River resource estimates vary, ranging from 100 trillion to more than 600 trillion cubic feet.

- Advertisement -

Speaking yesterday with reporters in advance of EnCana’s annual general meeting in Calgary , Mr. Eresman said, "There’s an opportunity to expand the market for natural gas, to displace significant quantities of coal and crude oil."

At the same time however, prolific unconventional discoveries are being blamed for creating a gas bubble, that has pushed prices to multi-year lows.

The lower prices have taken a huge bite out of the Calgary-based companies second-quarter profits as compared to last year. It still managed to make 239 million dollars, but, that was down from one point two billion in the same quarter in 2008.

Success in Northeast BC in the Horn River and Montney areas has prompted EnCana to begin selling off some of its more conventional gas assets in Alberta.

Last week it sold 700 million dollars worth of central Alberta production, and just yesterday, the company’s shares jumped nearly a dollar and half on the Toronto Stock Exchange, to close at 59 dollars and eight cents.

get the latest news in your inbox

Author

Advertisement
Advertisement
Advertisement
Advertisement

Local Events

Advertisement
Advertisement
Advertisement

Must Read

MP Bob Zimmer – Weekly Report – Caribou Recovery Program

Bob’s Weekly Report   It’s been two months since local representatives and stakeholders, myself including, began raising the alarm about reports of potential plans for caribou...

GoFundMe Fundraiser for Nicole Reid