Chevron Canada and Apache Canada Aim to Control Natural Gas Stream To and From Kitimat in British Columbia

摘要

Just before Christmas, Chevron Corp. disclosed publicly that its Chevron Canada Ltd. subsidiary opted in to buy a 50% operating interest in the Kitimat liquefied natural gas (LNG) project and proposed Pacific Trail Pipeline (PTP), plus a 50% interest in approximately 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada. Encana Corp. and EOG Resources Canada Inc. – currently 30% non-operating partners in Kitimat LNG and PTP – will sell their interests to Chevron and exit the venture. As part of the transaction with Chevron, Apache Canada Ltd. will increase its ownership of the plant and pipeline to 50% from 40%. Subject to regulatory approvals, that means Chevron Canada and Apache Canada own both the Kitimat LNG Project and PTP, with Chevron Canada being the operator. Additionally, Chevron Canada will acquire approximately 110,000 net acres in the established Horn River Basin from Encana, EOG and Apache, and approximately 212,000 net acres in the Liard Basin from Apache. Chevron Canada and Apache will each hold a 50% interest and Apache will operate these two natural gas resource developments. Closing of the transactions is expected in early 2013.