Production
EnCana's fourth quarter 2007 natural gas production increased 9 percent, with production at 3.7 Bcf/d, compared to the same quarter in 2006. Oil and natural gas liquids production increased 4 percent, with production at 136,000 bbls/d.
Total group production in 2006 was 1.6 Tcfe.
Natural gas production in 2006 was 3.37 billion cubic feet per day (Bcf/d), up 4 percent. Oil and natural gas liquids (NGLs) production of about 167,100 barrels per day (bbls/d), down 26 percent, primarily due to the sale of Ecuador oil assets, which produced an average of 12,366 bbls/d in 2006.
Reserves
2007 year-end reserves
- Total proved reserves increased 12 percent to 18.9 trillion cubic feet equivalent (Tcfe)
- Added 3.6 Tcfe of proved reserves, compared to production of 1.6 Tcfe, for a production replacement of 227 percent
- Proved natural gas reserves increased 7 percent to 13.3 trillion cubic feet (Tcf)
- Proved oil and NGLs reserves increased 26 percent to 927 million barrels (MMbbls)
- Proved reserves additions included approximately 2.2 Tcf of natural gas reserves, led by the Cutbank Ridge, Jonah and Piceance resource plays, and 241 million bbls of oil and NGLs, primarily from the Foster Creek and Christina Lake key resource plays
- Finding and Development (F&D) costs were $1.65 per Mcfe
- Three-year (2005-2007) F&D costs averaged $1.59 per Mcfe
- F&D costs for natural gas and associated liquids were approximately $2.40 per Mcfe
- Proved reserves life index of 12 years
Reserves replacement cost for 2007 post integrated oil was approximately $2.20 per Mcfe, which includes divestitures of 32 Bcfe for proceeds of $382 million. EnCana's three-year (2005 - 2007) reserves replacement cost was approximately $1.60 per Mcfe.