Chevron Corp. is courting private equity and other investors to help develop its Duvernay shale formation assets in Canada, Reuters reports. Chevron is said to be seeking up to $1.5 billion to develop approximately 330,000 net acres located about 124 miles from Edmonton, Alberta.
Chevron announced the successful conclusion of its initial 12-well exploration program in the Duvernay play last October. Five wells were completed and tied into production facilities and four more were awaiting completion and tie-in. Chevron reported a liquids yield ranging from 30% to 70% for the completed wells. Initial production rates were up to 7.5 million cubic feet of natural gas per day and 1,300 barrels per day of condensate.
Chevron is said to be looking for a long-term investment partner.
SEE ALSO: Shell exits Haynesville shale in $1.2 billion deal
