Ovintiv expands its drilling inventory by 41,000 net acres and 240 well locations through more than 60 transactions in 2026.
Ovintiv continues to strengthen its portfolio of oil and gas assets in North America the company has completed more than 60 transactions during 2026 for approximately US$460 million a campaign that will incorporate nearly 41,000 net acres and 240 well locations in the Permian and Montney basins.
These transactions are part of the company’s acquisition program to expand its land holdings near its existing assets. Instead of concentrating capital in a single large-scale transaction, the strategy consists of multiple smaller deals.
In terms of inventory, acquisitions add 190 base locations and 50 locations with growth potential, calculated on wells equivalent to 10,000-foot laterals.
Ovintiv allocates US$230 million to the Permian Basin
On the one hand, Ovintiv is expanding its position in the Midland Basin, within the Permian, through the acquisition of approximately 21,000 net acres.
The planned investment reaches approximately US$230 million and will allow the incorporation of 120 well locations, of that total, 80 correspond to the base inventory while another 40 represent locations with additional potential.
This expands the company’s drilling options within one of its main oil-producing areas in the United States. The addition of surface area also increases the depth of its inventory for future development programs.
Montney adds another 120 wells to the inventory
On the other hand, Ovintiv will allocate approximately US$230 million in addition to Montney, the operation includes around 20,000 net acres located in the liquid-rich Alberta oil window.
These assets will contribute another 120 well locations, in this case, the inventory consists of 110 base locations and 10 with growth potential.
Furthermore, the allocation of capital between Permica and Montney allows Ovintiv to increase its drilling opportunities in two of its main operating areas in North America.
The acquisitions increase the drilling inventory
According to the company’s estimates, the assets are being acquired for approximately US$11,000 per net acre the value adjusted for well location is between US$1.3 million and US$1.7 million considering that the current production associated with the land is minimal.
In addition to the 240 wells incorporated through acquisitions, Ovintiv has generated other 260 locations through organic inventory improvements.
As a result, the company will have added approximately 500 net well locations equivalent to 10,000 feet during 2026.
Ovintiv expects to complete the remaining transactions included in its acquisition program before the end of the year. This will further expand the company’s options for future developments oil and gas within its existing surface.
Source: World Oil
Photo: Shutterstock
