Ovintiv, a US-based oil and natural gas company, has agreed to acquire Canada’s NuVista Energy in a deal valued at approximately US$2.7bn, expanding its footprint in the Canadian upstream oil sector (Ovintiv press release, 04/11/2025). Ovintiv already owns approximately 9.6% of NuVista’s shares, previously acquired through a private transaction. The acquisition will provide Ovintiv with around 930 well locations and 140,000 net acres of oil and natural gas assets in the core of Alberta’s Montney Basin.
According to the company’s statement, the assets Ovintiv is acquiring through NuVista are directly adjacent to its existing Montney oil and gas operations and include access to processing and midstream infrastructure.
- Ovintiv’s oil production will grow from 60 kb/d to 85 kb/d.
- Natural gas production will rise from 1.35 to 1.75 billion cubic feet per day (14 to 18 bcm/year).
- Total production will reach 400 kboe/d
In addition, Ovintiv announced plans to launch a divestiture process for its Anadarko Basin oil and gas assets in Oklahoma (US), with completion expected by the end of 2026.