The Financial Post is quoting an Apache executive saying that the KM LNG project has been delayed by a year while the company tries to firm up customers for the liquefied natural gas that would be shipped to Asia.
Beleaguered natural gas producers in Western Canada are going to have wait a little longer for relief from severely depressed prices. Janine McArdle, the senior executive in charge of the Kitimat LNG project at Houston-based Apache Corp., said the facility’s planned startup will take an extra year as the company continues to look for firm contracts with buyers in Asia…
The first cargo is now expected to leave Canada in 2017, a year behind the latest plans. The project has regulatory approval, but Apache needs to be sure it has a market for the gas and that the project is economic before taking a final investment decision, Ms. McArdle, senior vice-president for gas monetization at Apache, North America’s largest oil and gas independent producer, said Wednesday.
Reporter Claudia Cattaneo writes that McArdle made the statement “on the sidelines of an industry conference” without giving a location. She is based in Calgary. So far no other media outlet has matched the story.
(more to come)