Reuters – Canadian oil and gas producer Encana Corporation is in advanced talks to sell its Wyoming natural gas field to private-equity firms Carlyle Group LP and NGP Energy Capital Management LLC for about $2 billion, the Wall Street Journal reported on Sunday, citing unnamed sources.
The company has been looking to sell its holdings in the so-called Jonah field as it shifts its focus away from natural gas to drilling for more valuable oil and natural gas liquids, the report said.
“We are testing the market in a few areas but are not providing comment on any specific assets at this time,” an Encana spokesman said.
The Carlyle Group was not immediately available for comment.
The Carlyle Group acquired a 47.5 percent stake in energy investor NGP Energy Capital Management for $424 million in December 2012 to boost its natural resources investments.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.