Category Archives: Apache

Aussie energy company eyeing Apache stake in Kitimat: media reports

{{unknown}}The Australian Business Review is reporting that Woodside Petroleum, a cash rich Australian energy company, has its eye on Apache’s 50 per cent stake in the Kitimat LNG project. As part of any deal, Woodside would probably also have to buy Apache’s stake in the Australian Wheatstone LNG project, which is also up for sale. The months-long process by Apache to find a new home for its West Australian domestic gas business and its stake in the under-construction Wheatstone LNG project — as well as…

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Apache Corporation

Apache still looking for buyer for Kitimat LNG stake

Apache Corp is still looking for a buyer for its stake in the Kitimat LNG project,  company CEO Steven Farris told investors Thursday as the company reported its third quarter results. Farris gave no details, just telling an investor conference call, that as he reported during the second quarter call, that company intends to “completely exit” both the Kitimat LNG project and the Wheatstone LNG project in Australia.   All Farris would say is, “We have lots of people working on the projects to do…

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Chevron Logo

Chevron sells 30% of Canadian Duvernay shale gas assets to Kuwait

Chevron Corporation says its wholly-owned subsidiary, Chevron Canada Limited, has reached agreement to sell a 30 per cent interest in its Duvernay shale gas  play to Kuwait Foreign Petroleum Exploration Company’s wholly-owned subsidiary, KUFPEC Canada Inc., for $1.5 billion. The total purchase price includes cash paid at closing as well as a carry of a portion of Chevron Canada’s share of the joint venture’s future capital costs. The Duvernay is located in west-central Alberta, and is believed to be among the most promising shale opportunities…

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Bish Cove

Chevron sticks with Kitimat but no final investment decision until customers sign

Chevron is sticking with the Kitimat LNG project but won’t make a Final Investment Decision until it has signed sales and purchase agreements for between 60 and 70 per cent of the natural gas, Chevron’s vice-chairman and executive vice-president of upstream operations, George Kirkland told investment analysts in a conference call Friday. Kirkland said that decision will happen “irrespective of what happens with Apache,” which has decided to completely exit the project. “We need to get partnership resolved and Apache has to move through the…

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Bish Cove Kitiamt

Apache to “completely exit” from Kitimat LNG as company refocuses

Apache will “completely exit” the Kitimat LNG project, company CEO Steven Farris told investors Thursday as the company reported its second quarter results. The pull out from Kitimat is part of a plan by Apache to spin off assets that are not part of its “base business” so it can concentrate on its “North American onshore assets.” “We have said for some time that Canada is part of our North American onshore portfolio,” Farris told analysts in a conference call. “Certainly we have two businesses…

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Jana Logo

Dump out of Kitimat, New York hedge fund tells Apache

A New York hedge fund, also known as an aggressive activist investor, which just bought a huge stake in Apache, is urging the company to get out of the Kitimat LNG project. Numerous media reports say that Jana Partners recently bought a one billion dollar stake in the Houston and Calgary based oil and natural gas producer. Bloomberg reports that Jana is a $10 billion hedge-fund firm run by Barry Rosenstein “known for pushing corporate managements to make changes” According to both Bloomberg and the…

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LNG Banada

LNG Canada final investment decision 18 to 24 months away, CEO says. Has concerns about air shed, pipelines

The final investment decision for the LNG Canada project is 18 to 24 months ahead,  Andy Calitz, CEO LNG Canada said Wednesday. Calitz said that the project must go through a series of what are called “stage gates” before the respective corporate boards of the partners make that decision. Calitz said the project has already completed three stages, identifying the project, testing the idea, selecting what exactly the proponents are going to do. “Then there is the so-called design stage when all the design experts…

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BC releases special report on LNG jobs and training

The BC Ministry of Jobs, Tourism and Skills Training today released a special report on the job prospects for the LNG industry and the policies needed on training, job mobility and use of temporary foreign workers. A news release says: Premier Christy Clark today accepted all recommendations in ‘The Premier’s Liquefied Natural Gas Working Group: Final Report’ as a road map to making sure British Columbia has the skilled labour force it needs to seize the opportunity of liquefied natural gas. The report, produced by…

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Clio Bay reclamation postponed as new contractor takes over at KM LNG

Studies on the Clio Bay reclamation project have been postponed until the fall while the new prime contractor takes over the Kitimat LNG project. A spokesperson for Chevron said at the Kitimat LNG open house on Wednesday now that Irving , Texas-based Fluor Corp, in partnership with a joint-venture partner, Japan’s JGC Corp. has won the engineering, procurement and construction contract for the KM LNG project, it will take some time for the new company to be briefed on the Clio Bay project and then…

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Second floating LNG terminal eyed for Kitimat at Douglas Channel log sort

A second floating liquified natural gas terminal may be planned for Kitimat, Northwest Coast Energy News has learned. According to multiple sources in Kitimat, Altagas, the parent company of Pacific Northern Gas plans the terminal at the old log sort site on Douglas Channel, where the barge carrying the liquifaction equipment would likely be moored next door to the already planned BC LNG/Douglas Channel Partners LNG project which would be served by gas delivered by the PNG pipeline system. Pacific Northern Gas has filed an…

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