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Could the Duvernay become one of North America’s most attractive liquids-rich plays?

Most analysts think so, although the Alberta pocket of tight gas and natural gas liquids deposit still has some way to go.

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“The Montney is proven,” says Bill Gwozd, senior vice-president, gas services at Ziff Energy Group in Calgary. “Duvernay has not yet been fully proven out, but it is emerging to becoming one the top five plays in North America — it’s not there yet. We need five to six years in development time.”

Duvernay has not yet been fully proven out, but it is emerging to becoming one the top five plays in North America

The early birds have already swooped in to pick up acreage in the area. The Montney and Duvernay areas saw a record 446 land leases sold in 2011, with the smaller, remnant positions in the two plays mopped up this year.

Encana Corp. and Canadian Natural Resources Ltd., Canada’s top two natural-gas producers, hold the largest positions in the play, while Talisman Energy Inc., Bonavista Energy Corp. and Celtic Exploration Ltd. also have sizeable acreage.