Monday, December 24, 2012

Kitimat LNG project gains major investor

An early Christmas present for those in Kitimat looking to see the LNG industry develop in the region, as Chevron announced that they had taken on 50 per cent of a Kitimat LNG project and the proposed Pacific Trail Pipeline.

The Chevron interests in the project come as part of their acquisition of the the interests of both Encanca and EOG in the Kitimat LNG project.

Chevron which has a number of projects in LNG development world wide, took over the assets of the two smaller players, at a 1.3 billion dollar value.

Included in the investment was a 50 per cent share of petroleum and natural gas rights in British Columbia. They will be joining in with Apache Canada in the development of the Kitimat LNG plant.

Both Ecnana and EOG had been struggling to market the project, many observers believe that Chevron's confidence in the project signals a positive trend for the Kitimat development and with their investment the prospect of the Kitimat project becomes that much more assured.

The Chevron announcement today is just the latest in what seems to be a gold rush like run to develop LNG infrastructure on the North Coast, earlier in the month Petronas announced their own terminal development plans for Prince Rupert's Lelu Island, while BG Gas has also indicated plans to develop a terminal project for the same region of the Ridley Island area.

There are more details on the Apache/Chevron joint venture project on the corporate website.

You can examine all of our archive material on LNG development for the North coast here.

The reviews and background on the Chevron announcement of today can be found below.

December 27-- Chevron LNG (video)
December 27-- Chevron Hopes to Converse with First Nations on proposed LNG
December 24-- Chevron Kitimat LNG (video) 
December 24-- Chevron's 50% stake in Kitimat LNG boosts Canada's Natural Gas Prospects
December 24-- Chevron to buy half of Kitimat LNG project
December 24-- Chevron buys 50% stake in Kitimat LNG terminal
December 24-- Kitimat LNG closer to reality as Chevron buys out Encana, EOG
December 24-- Chevron buys Encana, EOG Stake in Kitimat LNG Terminal
December 24-- Chevron Buys stake in Kitimat LNG Project

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