Encana Oil & Gas (USA) has initiated a process for the divestment of its natural gas producing assets in the Fort Worth Basin in North Texas, US.
The sale of these assets located in the Barnett Shale play will be subject to receiving an acceptable bid, approval of boards of directors, normal closing conditions as well as regulatory approvals.
The properties now produce about 125 million cubic feet equivalent per day and include the associated processing and pipeline facilities on about 52,000 net acres of land in the Fort Worth Basin.
Encana also said it is actively engaged with a number of parties in a competitive process to divest midstream and producing assets in the US and Canada that no longer fit with its development plans.
Encana executive vice-president & president of US division Jeff Wojahn said the initiation of the process to sell the North Texas assets is a continuation of the company’s ongoing divestiture program, which is well underway and is targeting net divestitures of between $1bn and $2bn for 2011.