Ovintiv ends Duvernay shale joint venture with PetroChina

FILE PHOTO: PetroChina's logo is seen at its petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon

(Reuters) - Oil and gas producer Ovintiv Inc said on Tuesday it would end a nearly eight-year joint venture with China’s state-owned firm PetroChina Co in the Duvernay shale region in west-central Alberta.

The two parties have agreed to partition the Duvernay acreage and related infrastructure, Ovintiv said.

Ovintiv served as the operator under the joint venture and each company will now independently own and operate their interests.

There were no penalties or fees associated with the deal, the company said.

Reporting by Shradha Singh in Bengaluru; Editing by Sriraj Kalluvila