Australia's Woodside closes deal on Apache share of Kitimat LNG project

Another shift in the Northwest LNG picture was confirmed today, with word from Apache resources that the company had sold its shares of the Kitimat LNG project to Australia's Woodside Petroleum, the deal part of two Apache projects that Woodside had acquired as part of the negotiations.

The full account of the 2.75 billion dollar transfer of ownership can be found from this media release from Apache Corporation. 

The Texas based company had been a fifty percent partner in the Kitimat LNG project, but had bowed out of that proposed development in August of this year.

Last week we made note on the blog of the rumblings of a potential purchase of the Apache portion of that Kitimat project, a topic that had become the one of the top stories in the LNG files in recent days.

Woodside currently is investigating its options for an LNG terminal proposal for Grassy Point. 

There has been no indication thus far from Woodside, on what impact the developments of today may have on their long term plan for the Grassy Point option.

You can learn more about today's purchase of Apache below.

Financial Post-- Apache Corp to sell Wheatstone, Kitimat LNG to Woodside Petroleum for $2.75 billion

Globe and Mail-- Apache sells Kitimat LNG stake to Woodside

Bloomberg News-- Woodside to Buy Apache LNG stakes for 2.75 billion

The Street--  Apache sheds International Gas Projects of $2.75 Billion

Reuters-- Apache to sell stakes in LNG projects to Woodside for $2.75 billion

Vancouver Sun-- Kitimat LNG project part of Apache's multi-billion dollar sale
The Age-- Woodside Petroleum eyes new buys after Apache deal

With their purchase of the Apache assets today, Woodside now becomes a co-partner in the Kitimat LNG project with the American energy giant Chevron. 

The announcement today, makes for a fascinating change in perception for the Kitimat project, which earlier this year was being mentioned as one of the BC projects in most jeopardy in recent months.

Our items of note on the Kitimat LNG project can be reviewed here.

For more on Woodside's LNG plans for Grassy Point see our archive page here.