Apache wants to pull out of Kitimat LNG

The partner in the Kitimat LNG project want to get out of involvement, the company says in their latest financial report.

Apache Corporation is going to drop the Kitimat LNG project entirely, leaving Chevron as the sole proponent of the project for the moment.

Apache didn’t indicate when the exit would occur in their second quarter financial report.

“Consistent with the company’s ongoing repositioning for profitable and repeatable North American onshore growth, Apache intends to completely exit the Wheatstone and Kitimat LNG projects,” said their repot.

Wheatstone LNG is an Australian-based liquefied natural gas project.

Kitimat LNG has all of its required permits and licences but has been undergoing a lengthy front-end engineering and design study which would finalize a price tag and move the company towards making a final investment decision.

Media reports had indicated Apache was under pressure by investors to leave Kitimat LNG, and the company had indicated they were interested in reducing their 50 per cent stake in the Kitimat-based LNG project.

Apache communications advisor Paul Wyke said the company wasn’t providing more details other than what was included in their financial report.

Their financial reports show Apache has spent $339 million on Kitimat LNG so far in 2014, $183 million in the first quarter and $155 million in the second.

Between Kitimat LNG and Wheatstone the company has spent $894 million so far in the year.

We contacted Chevron for comment about this announcement however the company said they had no comment at this time about what it would mean for their operations.

 

Just Posted

Gwaii Haanas celebrates new Land-Sea-People plan

Forty per cent of Gwaii Haanas marine areas protected under new, integrated plan

Kitimat arena closed until further notice due to chilling system malfunction

Saturday night’s Terrace River Kings and Kitimat Ice Demons game was cancelled as a result

Northwest Regional Airport traffic increases

LNG announcement has sparked interest

Study being conducted on proposed railyard

Facility could offload up to 60 rail cars of propane daily

Police aim to prevent retaliation after Hells Angel found dead under B.C. bridge

IHIT confirms Chad Wilson, 43, was the victim of a ‘targeted’ homicide

731,000 Canadians going into debt to buy prescription drugs: UBC

Millennials and those without private coverage were more likely to borrow money

Pot users, investors need to be vigilant at Canada-U.S. border

U.S. authorities say anyone who admits to having used pot before it became legal could be barred

Shirtless stranger loomed over couch and started stabbing, bloody B.C. murder trial hears

Colin John pleads not guilty as trial opens in 2016 Chemainus murder case

Late 2019 too long to wait for ridesharing: B.C. Conservatives

“While the rest of the world is embracing this transportation revolution, B.C. is only now staggering slowly toward legislation on a business model that’s been mainstreamed for over a decade in other jurisdictions.”

ICBC warns shoppers of the high-accident season at mall parking lots

Over 150,000 accidents happened during the holiday season last year

No deal in sight: Canada Post warns of delivery delays into January

Union holds fifth week of rotating strikes as both sides remain apart on contract negotiations

COLUMN: Higher interest rates will slow B.C. economy after ‘unusually robust’ show

Jock Finlayson is executive vice president and chief policy officer of the Business Council of BC

Jason Aldean, Old Dominion to headline Merritt’s Rockin’ River concerts next summer

Four-day music festival at Coldwater River from Aug. 1 to 4

Most Read