Australian independent Woodside Petroleum is exiting its 50pc interest in the proposed 21.2mn t/yr Kitimat LNG project in Canada's British Columbia, which is expected to weigh between $40mn-60mn on the firm's expected 2021 profit. “The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade,” Ms. O’Neill said in a … Last year, the company reported a US$720 million impairment on Kitimat LNG. instructions how to enable JavaScript in your web browser. COVID-19 has also led to price drops.-With files from Binny Paul. News; Energy; Commodities 'Really exciting': Canadian gas sector cheers Woodside's decision to sell partial Kitimat LNG stake 'When you’re non-operator, anywhere between 20 per cent and 40 per cent' is the right holding: Woodside CEO Haisla Nation and Seaspan awarded LNG Canada escort and harbour tugs contract. Canada has advantages such as its proximity to Asian LNG markets but projects in Russia, Mozambique and Qatar, for example, are closer to their gas sources, Murphy said. A 2012 illustration of the proposed Kitimat LNG facility on Haisla Nation land in Bish Cove, near Kitimat. Chevron Canada Ltd. says it will stop funding further feasibility work on its proposed Kitimat LNG project on B.C. ‘The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade. In its 2020 annual report, however, Woodside says it “remains committed to working with our stakeholders to improve the cost competitiveness of the proposed (Kitimat LNG) project.”. “This is a portfolio-specific decision by Chevron to be pretty choosy about how they allocate capital,” said Matt Murphy of Tudor Pickering Holt & Co. on Friday. to the West Coast makes it difficult for any Canadian liquefied natural gas export terminal to compete with other projects in the global LNG market, Murphy said. The proposed Kitimat LNG development includes a massive 480 km Pacific Trail Pipeline. Woodside pulls plug on Kitimat LNG - BC News May 19, 2021, 9:33 p.m. The Kitimat LNG plant is located in the northern part of the British Columbia province of Canada. The project includes natural gas producing assets in the Liard and Horn River Basins in northeast B.C., the proposed 471-kilometre Pacific Trail Pipeline and plans for an LNG liquefaction and export terminal at Bish Cove near Kitimat, B.C. The Kitimat LNG project includes upstream natural gas lands in the Liard and Horn River Basins in northeastern B.C., the 471-kilometre Pacific Trail Pipeline and the gas liquefaction facility at Bish Cove near Kitimat. The decision by Chevron Canada Ltd. to stop funding its proposed Kitimat LNG project on B.C. Woodside also recorded a 2019 writedown in its Kitimat LNG … Use of this Website assumes acceptance of Terms & Conditions and Privacy Policy, Published Friday, March 19, 2021 8:02AM MDT, Last Updated Friday, March 19, 2021 3:41PM MDT, Snowfall warnings issued for southwest Alberta, Chevron move to exit Kitimat LNG project a dash of 'cold water' for gas industry, Federal regulator approves expanded Kitimat LNG gas export licence, Tech sector turns to training program for new hires, Alberta touted as possible bitcoin mining site, Sharp tuition increase for some U of C classes, No typical grad ceremonies for class of 2021, COVID-19 in Alberta: 908 new cases, ICU numbers remain high, Alberta K-12 students to return to in-person learning next week: education minister, Dangerous driving, blocking traffic and stunting just some of the infractions in Calgary car rally, Calgary IT sector benefits from Momentum training program, Jets' goaltender Connor Hellebuyck stellar in 4-1 win over Oilers in Game 1, This game of bingo helps support eateries on 124 Street, Snowfall warnings issued for southwest Alberta, upward of 25 cm expected, Digital experts aim for 'Alberta solution' to environmentally friendly cryptocurrency mining, $370M program aims to create 22K jobs in Alberta, Class of 2021 set to face pandemic graduations without banquets, Fight at Calgary dog park escalates to man being stabbed, Alberta teachers prepare to return to classroom, but with reservations, Protecting poutine: Quebec wants special status for the dish, Fla. police catch 'hangry' alligator in Wendy's parking lot, Old Canadian NHL rivalries reignited by pandemic schedule, Preliminary results from Spanish study suggest mix and matching vaccine doses may increase antibodies, Confusion abounds after U.S. border agency bars entry to Canadians looking to get vaccinated, Here's what Canada's privacy commissioners say must be considered for vaccine passports, 6 in 10 Indigenous women experience physical or sexual abuse: Statistics Canada, Military investigators refer allegation involving Maj.-Gen. Dany Fortin to Quebec prosecutor, Israel's Netanyahu 'determined' to continue Gaza operation, CTV News Calgary at Six for Wednesday, May 19, 2021. The company, which owns 50 per cent in the Kitimat LNG project, says it will halt further funding of the project, after failing to find a buyer. Kitimat LNG was the only other major LNG project on the scale of the LNG Canada project that seemed to still have a chance of being built, even though final investment decisions on it were deferred. GlobalData has released an analysis, commenting on the latest Canadian LNG sector struggles amid low gas prices and an LNG supply glut. The decision by Chevron Canada Ltd. to stop funding its proposed Kitimat LNG project on B.C. Canada's LNG setbacks aren't expected to greatly affect its natural gas producers, he added, because there is sufficient pipeline capacity and demand to continue to supply markets in Eastern Canada and the United States. Kitimat LNG was included as part of a Chevron asset impairment charge of US$2.2 billion in 2019. Kitimat Food Share Garden getting set up for the season. “There was ample opportunity for other parties to come in and take over the project and proceed with it. The open house also featured project information storyboards, interactive infographics, videos, and treats, frosty beverages, games and prizes. Companies in this story: (TSX:ECA) The decision does not affect LNG Canada, which is valued in excess of $30 billion and is proceeding under an international consortium led by Shell Energy Canada. this decade will be LNG Canada, now that the second partner in the Kitimat LNG project has pulled the plug. Ashley Studley, a recent graduate, speaks about what this opportunity means to her. 31, 2021 12:00 a.m. (file). The other 50 per cent is owned by Australia's Woodside Petroleum Ltd. - staff in Australia and at its Calgary office said they were unable to immediately comment on the project's status on Friday. At one time, about 20 LNG terminals were proposed for the West Coast but the $40-billion LNG Canada project headed by Shell Canada is the only one to reach the construction stage. Chevron Corp. is expecting to write down the value of its assets by US$10 billion to US$11 billion this quarter, and is considering the sale of some of its natural gas projects. This report by The Canadian Press was first published Dec. 11, 2019. “All of those companies around the world - Chevron is a great example - they're being very selective with how they're allocating their dollars so that's fewer megaprojects, more selective brownfield expansions,' he said. At Kitimat, native Haisla Nation-owned Cedar LNG is advancing toward regulatory approval for a C$1.8-2.5 billion ($1.4-2 billion) proposal for capacity to export 400-500 MMcf/d. LNG is typically sold under long-term contracts, so sanctioning of new LNG projects tends to come in waves, with projects timed to meet contract renewal windows. The cost of projects like Kitimat LNG failing is huge: beyond the loss of jobs and capital, Canada and the world will suffer environmentally. Watch here. The project includes upstream resource assets in the Liard and Horn River Basins, 480km Pacific Trail Pipeline (PTP), and a natural gas liquefaction facility at Bish Cove near Kitimat. Advertisement. But before anyone gets too excited, Traya points out that the Kitimat LNG project is still a decade away. Says there will eventually be a demand for the fuel. Copyright © 2021 Palladian Publications Ltd. All rights reserved | Tel: +44 (0)1252 718 999 | CALGARY -- TC Energy Corp. has completed the sale of a 65% equity interest in the Coastal GasLink Pipeline Project. GlobalData comments on Canadian LNG sector struggles Monday, 02 November 2020 10:00 GlobalData has released an analysis, commenting on the latest Canadian LNG sector struggles amid low gas prices and an LNG supply glut. Kitimat LNG was included as part of a Chevron asset impairment charge of US$2.2 billion in 2019. 's north coast. LNG Canada contractor, Ledcor-Haisla introduced a 3- week construction readiness training program to help Haisla members transition to working at our project site. The Kitimat LNG project owner and would-be operator announced a halt to all of its spending on the project. jpg Article content. visit the ‘Community News and Events” section of Kitimat LNG “The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade," the company said in its release. Woodside also recorded a 2019 writedown in its Kitimat LNG stake of US$720 million. Company officials did not immediately respond to a request for more detail. kitimat Kitimat LNG was included as part of a Chevron asset impairment charge of US$2.2 billion in 2019. As the demand for LNG from large energy consumers, like India and China, has increased, according to Reuters, three North American projects have halted development in the last few months, including Kitimat LNG, as Qatar has significantly increased supply. However, we have decided to prioritise the allocation of capital to opportunities that will deliver nearer-term shareholder value.’ The District of Kitimat has also contributed $30,600 in 2021 to the TSWA’s Food Share program Here are the The Impact Assessment Agency of Canada has accepted an initial project description for the proposed Cedar LNG Project, located near Kitimat, British Columbia, and is now inviting public comments. GlobalData comments on Canadian LNG sector struggles, AkzoNobel supplying products for LNG Canada Project, TC Energy secures financing for Coastal GasLink, LR chosen for LNG Canada export terminal project in Kitimat, Chevron expects to write-down asset values this quarter, Public comments invited for Cedar LNG project, HaiSea JV to design, build and operate LNG Canada tugs, Coastal GasLink pipeline not subject to federal regulation, Black Diamond Group to provide accommodation for the Coastal GasLink Pipeline Project. Every year that we delay making LNG available for developing markets is another year that these growing markets remain reliant on GHG-intensive coal power; energy that is polluting our air and driving us further from our … Email: enquiries@lngindustry.com. Driver with graduated licence clocked going more than double the speed limit on Stoney Trail S.E. Woodside also recorded a 2019 writedown in its Kitimat LNG stake of US$720 million. “The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade. Calgary man faces charges in series of downtown robberies. instructions how to enable JavaScript in your web browser. Black Diamond Group Ltd has announced that its Workforce Solutions business unit has received a notice to proceed on a previously announced 908-bed turnkey camp contract. I think the fact no one did is just further support for industry broadly being fairly choosy in how they're allocating capital.”. However, we have decided to prioritise the allocation of capital to opportunities that will deliver nearer-term shareholder value. “Greenfield LNG off the West Coast of Canada doesn't fit the bill for them.”. The decision by Chevron Corp. to try to sell its 50 per cent stake in the Kitimat LNG project on the B.C. Kitimat LNG news. According to Reuters, Canada’s National Energy Board has announced that the proposed Coastal GasLink pipeline is not subject to federal regulation. The Canadian unit of Belgian contractor Besix, with its joint venture partner Vancouver Pile Driving (Vanpile), has been chosen to build a liquid natural gas (LNG) export facility in Kitimat, in northern British Columbia, Canada. Woodside Petroleum ([[WOPEF]], [[WOPEY]]) says it plans to sell its 50% stake in the proposed Kitimat liquefied natural gas project in British Columbia, and expects a … Kitimat mayor unfazed by Chevron decision to bail on Kitimat LNG. The Canadian IAA is making funding available to assist the participation of the public and Indigenous peoples in the FIA of the proposed Cedar LNG project. The Kitimat LNG project is a 50/50 joint venture between Chevron Canada (Chevron) and Woodside Energy. The LNG Canada project is being built to meet the next window, around 2024. This report by The Canadian Press was first published March 19, 2021. LNG Canada project in Kitimat have begun vaccinations Kitimat Northern Sentinel LNG Canada vaccinations began on March 20th as the site has implemented a vaccination schedule available to all project workers on a voluntary basis. "The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade," O’Neill said in a statement. In an update this week, the Canadian arm of California-based Chevron Corp. said it has been continuing to work on Kitimat LNG activities that add value or were required for regulatory and operational compliance since putting its 50 per cent stake on the sales block in December 2019. “At this time, it is Chevron's intent to cease Chevron-funded further feasibility work for the proposed Kitimat LNG project,” it said on its website. "The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade," Woodside Acting CEO Meg O'Neill said. 's north coast isn't surprising given its failed attempt to sell its stake over the past 15 months, an analyst says. For full functionality of this site it is necessary to enable JavaScript. It is looking more and more likely that the only major LNG project to be built in B.C. Chevron Corp. (NYSE:CVX) is pulling the plug on its Kitimat LNG project -- a move that suggests the LNG Canada project may be the only large-scale LNG project built in B.C., according to one analyst. "However, we have decided to prioritise the allocation of capital to opportunities that will deliver nearer-term shareholder value." AkzoNobel is supplying products for the landmark LNG project in British Columbia, Canada. The proposed Kitimat LNG project in northern B.C. “The Kitimat LNG proposal was designed to develop a new source of LNG to supply Asian markets in the latter part of this decade. space, while showcasing one of the Kitimat LNG Project’s marquee community partnerships. Canada's lack of existing natural gas pipeline capacity from wells in northeastern B.C. “The exit will include the divestment or wind-up and restoration of assets, leases and agreements covering the 480 [kilometre]Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove,” the company said in a news release. Lloyd’s Register has announced that it has signed a 55-month contract to support LNG Canada with the safe construction and delivery of a new LNG liquefaction and export terminal in Kitimat, British Columbia. Rod Link; Mar. However, we have decided to prioritise the allocation of capital to opportunities that will deliver nearer-term shareholder value. The Kitimat LNG project includes upstream natural gas lands in the Liard and Horn River Basins in northeastern B.C., the 471-kilometre … Chevron is the operator of Kitimat LNG.

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