EnCana reaches multi-billion-dollar deal to ship crude south

EnCana Corp. and ConocoPhillips have struck a US$15 billion deal which will see oilsands crude sent to refineries in the U.S.

Calgary-based energy giant EnCana will operate and manage the upstream assets, which include the Foster Creek and Christina Lake oilsands projects, while Houston-based ConocoPhillips will receive crude at refineries in Illinois and Texas.

Each company will own 50% of the partnership and contribute US$7.5 billion to the venture.