Canadian producer Encana Monday said it has signed joint-venture agreement with Portland, Oregon-based Northwest Natural Gas that would see the gas distributor invest $250 million over the next five years for a working interest in parts of Encana's Jonah field in Wyoming.
Completion of the agreement comes after the deal was approved late last month by the Oregon regulators, Encana said in a statement. Under the deal, NW Natural will receive "secure, reliable and economic supplies" of gas to meet a portion of its customers' needs.
Renee Zemljak, Encana's executive vice president for midstream, marketing and fundamentals, said the company believes the deal "will open the door for future upstream investment" by gas distribution utilities seeking stable prices.
