Monday, December 15, 2014

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.

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.

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.

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