FP says Imperial, others may seek partners in Duvernay

2012-12-21 09:05 ET - In the News

See In the News (C-IMO) Imperial Oil Ltd

The Financial Post reports in its Friday, Dec. 21, edition that most analysts think the Duvernay will become one of North America's most attractive liquids-rich plays. The Post's Yakullah Hussain writes that the Alberta pocket of tight gas and natural gas liquids deposit still has a way to go. Exxon Mobil and its subsidiary Imperial Oil have bought Celtic Exploration for $3.1-billion, attracted by its Montney and Duvernay holdings. "Celtic could be a part of a longer-term West Coast LNG scheme that could see JVs or further acquisitions down the road," says RBC analyst Greg Pardy. "Given the capital intensity of the play, we expect players to seek partnerships to gain access to capital. Developing large land positions will require multibillion dollar investments. We also see the potential for the larger players to acquire companies that complement their acreage positions as the play's sweet spots emerge." Talisman could also look to sell some Duvernay acreage, chief financial office Scott Thomas said recently. Meanwhile, Angle Energy is seeking joint ventures or other capital funding in 2013 to get "ideal value" for its 46,000 acres of Duvernay, says chief operating officer Heather Christie-Burns.