KUFPEC Canada acquires 30% interest in Duvernay Shale Play from Chevron Canada

KUFPEC Canada Inc., a wholly-owned subsidiary of Kuwait Foreign Petroleum Exploration Company K.S.C., completed the acquisition of a 30 per cent interest from Chevron Canada Limited in Chevron’s Alberta Duvernay shale play for a purchase price of US$1.5-billion. 

Chevron retains a 70 per cent interest in the same Duvernay shale play.  In connection with the acquisition, KUFPEC and Chevron entered into long-term joint venturing arrangements for the appraisal and development of the liquids-rich share play in approximately 330,000 net acres in the Kaybob area of the Duvernay.

KUFPEC was represented in-house by its legal team led by Michael Nussbaum, Manager, Legal Affairs, Fernando Fresco, Senior Legal Counsel, Legal Affairs and Saud Al-Motawa, Legal Counsel, Legal Affairs and by Blake, Cassels & Graydon LLP, with a team that included Chris Christopher, Jana Prete, Carla Hunt, Ky Kvisle, Jennifer Newton, Jackie Anderson and Alanah Wiberg  (energy), Jason Gudofsky and Cassandra Brown (competition and Investment Canada), Robert Kopstein (tax), Brian Thiessen and Shaun Parker (employment), Duff Harper, Sarah Nykolaishen and Jessica Mercier (environmental) and Drew Campbell (financial services).

Counsel for Chevron was undisclosed.