EnCana has closed the previously announced sale of its 50 percent interest in the Chinook heavy oil discovery offshore Brazil to Norsk Hydro ASA for approximately US$350 million. Under the agreement, Norsk Hydro purchased all of the shares of an EnCana subsidiary holding a 50 percent interest in Block BM-C-7, located in the Campos Basin. EnCana expects to record an after-tax gain in net earnings of more than US$200 million on the sale.
Upon the closing of this sale, EnCana now holds non-operated interests in 10 deep water exploration blocks offshore Brazil. Nine of these blocks are operated by Petrobras.
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