Apache Sells Kitimat LNG Share to Woodside

Apache Sells Kitimat LNG Share to Woodside

Australian oil and gas company Woodside has finalized the previously announced agreement with Apache Corporation to acquire Apache’s Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, for an aggregate purchase price of USD 2.75 billion.

Out of the aggregate price, Woodside set aside USD 854 million for a 50% interest in the Kitimat LNG project, including approximately 320,000 net acres in British Columbia’s Horn River and Liard Basins from which the LNG will be sourced and exported through Kitimat LNG. The other 50% interest in the project is held by Chevron.

Once operational, Kitimat LNG is projected to annually export up to 10 million tonnes of the regionally sourced LNG per year. The projected number of shipments per month is 12.5.

In December 2012, Chevron and Apache signed a 50/50 joint venture agreement to build the Kitimat LNG project. Under this agreement, Chevron would operate the LNG facility at Bish Cove near Kitimat, B.C, the natural gas Pacific Trail Pipeline and market LNG to customers, while Apache would manage the development and production of natural gas from British Columbia.

The proposed Kitimat LNG facility will be built on land leased under a unique benefit agreement with the Haisla First Nation.

The facility will include two liquefaction trains to cool the natural gas to a liquid state, LNG storage tanks and a marine jetty and berth to accommodate specialized LNG carriers.

 

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