posted in:

Chevron - www.youroilandgasnews.com

Chevron subsidiary acquires operating interest in Western Canada LNG project

Wednesday, Dec 26, 2012

Chevron Corporation (NYSE: CVX) today announced that its indirect Canadian subsidiary, Chevron Canada Limited, will acquire a 50 percent operating interest in the Kitimat liquefied natural gas (LNG) project and proposed Pacific Trail Pipeline (PTP), and a 50 percent interest in approximately 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada.

“This investment grows our global LNG portfolio and builds upon our LNG construction, operations and marketing capabilities. It is ideally situated to meet rapidly growing demand for reliable, secure, and cleaner-burning fuels in Asia, which are projected to approximately double from current levels by 2025.”

“The Kitimat LNG development is an attractive opportunity that is aligned with existing strategies and will drive additional long-term production growth and shareholder returns,” said George Kirkland, vice chairman, Chevron Corporation.

“This investment grows our global LNG portfolio and builds upon our LNG construction, operations and marketing capabilities. It is ideally situated to meet rapidly growing demand for reliable, secure, and cleaner-burning fuels in Asia, which are projected to approximately double from current levels by 2025.”

Under the terms of the agreements, Chevron Canada Limited will acquire all of the interests currently owned by affiliates of EOG Resources Canada Inc. and Encana Corporation in the proposed Kitimat LNG Project and PTP. Thereafter, Chevron Canada Limited will equalize interests with an Apache Corporation subsidiary, resulting in Chevron Canada Limited and Apache each holding a 50 percent interest in both the Kitimat LNG Project and PTP. Operatorship of both facilities will transfer to Chevron Canada Limited.

The proposed two-train Kitimat LNG Project, currently progressing through the Front-End Engineering and Design (FEED) phase, has a Canadian National Energy Board license to export 10 million tons per annum of LNG.

Source: Business Wire

To access over 3,000 of the latest oil projects from across the world visit Projects OGP for free trial today

posted in:

Other Project News

Octagon 88 Resources announces Red Earth light oil project update 16-04-2014
Lamprell has received a new contract award for the construction and delivery of two Mobile Offshore Drilling Platforms 16-04-2014
New Dragados offshore contract secured for IKM Testing 16-04-2014
Ezion Secures a contract with an approximate value of USD43.7 million over a 3 year period to provide a service rig to support a South Asian Based Nat 16-04-2014
Ezion Secures a contract with a value of approximately USD35 million over a 3 year period to provide a service rig to support a middle eastern state 16-04-2014
Foster Wheeler awarded contract for incinerator in Vietnam 15-04-2014
Contract extension for Safe Hibernia 15-04-2014
Aker Solutions Wins Contract to Deliver Subsea Production System for Total's Kaombo Development in Angola 15-04-2014
Magnolia LNG Project technical services agreement signed with SKEC Group 14-04-2014
Safe Bristolia work program increased and contract extension for Safe Astoria 14-04-2014

Advertisers





[