Chevron ceases funding towards the Kitimat LNG project in Canada.
Chevron has reportedly chosen to cease funding for the proposed Kitimat LNG project under development on the north coast of British Columbia. The supermajor has been unsuccessfully trying to sell its 50% stake in the project since December 2019.
Chevron stated that “At this time, it is Chevron's intent to cease Chevron-funded further feasibility work for the proposed Kitimat LNG project.” Chevron is the operator of the project, and the remaining 50% is owned by Woodside Petroleum of Australia, adding that “Woodside continues to work with Chevron to find a mutually acceptable solution that enables the project to progress and Chevron to exit.” Woodside is expected to turn towards making the project more cost competitive, which could include downsizing its scope.
The Kitimat LNG project as it currently stands includes as many as three LNG trains totalling 18 MMtpy of LNG, but that is likely to be impacted once a new partner enters the project to replace Chevron.
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From the April 2018 issue of Hydrocarbon Processing