Ovintiv Makes Second Montney Acquisition in a Year
Ovintiv will take over NuVista Energy, in which it is already a shareholder, in a deal worth $2.7 billion including debt. NuVista operates in the Montney shale play in Canada. The deal would add some 100,000 barrels daily of oil equivalent to Ovintiv’s total production, the buyer said in a news release. The company added that the NuVista acquisition will also provide it with a basis for further expansion in the Montney shale by giving it access to “strategic processing infrastructure and downstream capacity.” A year ago, Ovintiv…