According to the latest report on the website of Xibeinews on September 2, CNPC Canada announced that it will terminate its cooperation with North American energy company Ovintiv in the Duvernay shale oil field. It is understood that the two sides have been cooperating to invest in the oil field for eight years, and Ovintiv has been operating the field. The “separation” of the two companies means the assets and management of the field will also be split. CNPC Canada and Ovintiv have agreed to share the assets equally, with each company receiving 13,000 barrels of oil a day and an equal amount of oil and gas reserves, the report said. Ovintiv will continue to operate the Duvernay shale field until CNPC sends a team to take over. CNPC is now aggressively recruiting enough engineers and technical experts to quickly build a new operating team to take over half the fields. Ovintiv, originally a Canadian company, moved its headquarters from Calgary to Denver, Colorado, in January. However the business environment of energy industry is not good whether it is in Canada or the United States, which makes Ovintiv's operations more stressful. Canada's oil and gas industry continued to suffer in the second quarter, with capital expenditure falling by more than 50%. The oil and gas industry in America, where Ovintiv is based, is also depressed. So far, 33 energy companies in the United States have filed for bankruptcy in 2020, a year-on-year increase of more than 100%. Affected by the sluggish global oil and gas demand, Ovintiv's net profit attributable to common shareholders of its parent company in the first half of fiscal 2020 was US$-3.962 billion (RMB -27 billion yuan), a year-on-year drop of 4,453.85% year-on-year. Ovintiv's separation from CNPC is also part of a broader drive to save operating expenses in oil fields in an environment of weak global oil demand.