Friday, March 6, 2015

Woodside Energy's Kitimat plans approved by Australian authority

The plan for Australia's Woodside Energy to pick up a significant share of an LNG project for Kitimat will seemingly move forward, as an announcement from the Australian Competition and Consumer Commission on Thursday outlined that it will not oppose Woodside's proposed acquisition of Apache Corporation's interests.

It makes for a decision that has set in motion the process for Woodside Energy to take over a fifty percent stake in the Chevron led project in that community.

The Kitimat option is part of a string of assets from the Houston, Texas based Apache Corporation that Woodside will pick up at a total cost of 2.75 Billion US dollars.

The Australian business media was quick to share the word on the much anticipate announcement for the Australian energy company.

March 5 -- ACCC clears Woodside's Apache deal
March 5 -- Woodside gets green light for gas deal
March 5 -- Woodside's Apache deal gets green light
March 5 -- Woodside gets nod for Apache buy

With the decision announced out of Australia yesterday, it would seem that Woodside  will now be fixing its gaze in the direction of the Kitimat LNG project, leaving the status of their previous plans for Grassy Point still somewhat unclear.

Woodside arrived on the scene in British Columbia in January of 2014, with an ambitious outline of an LNG shipment terminal for the Grassy Point area.

The last note of interest regarding the Grassy Point prospects came on January 30th, when the National Energy issued a notice that Woodside had received a 25 year natural gas export licence for that proposal.

However, since that initial burst of interest for the North Coast, the Kitimat opportunity made itself available, one that the Australians were quick to take action towards.

For more background on the Kitimat project see our background page here.

More information on the Grassy Point proposal from Woodside can be reviewed here.

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