Exploration & Production | LNG / CNG | Top Story
Canadian LNG Race to Reignite Natural Gas Drilling
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Earlier this week the Shell led LNG Canada project was granted a permit to export up to 3.2 billion cubic feet (bcf) per day from its proposed terminal near Kitimat B.C. This is the third LNG export license granted by Canadian regulators. The first 2 permits were issued to the Kitimat LNG project co-owned by Apache & Chevron to export 1.4 bcf per day and to privately owned BC LNG Export Cooperative to export 0.25 bcf per day.
Chevron is the latest to join the race to supply Asia with liquefied natural gas. The prize is huge—Asian natural gas currently sells over $17/mcf. That’s a great profit margin when North American gas is selling below $3.50/mcf.
Last December, Chevron bought Encana and EOG’s stakes in the Kitimat LNG project since they wished to focus on their upstream operations…
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