Imperial: Decision on Canadian LNG Project Distant

Posted by Eric Haun
Thursday, April 24, 2014
Photo courtesy Imperial Oil

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring with its majority owner Exxon Mobil Corp.

Speaking to reporters following the company's annual meeting, Rich Kruger, chief executive officer of Canada's No.2 integrated oil company, said Imperial is laying groundwork for a potential project that would send LNG to Asian markets but, despite having an export license in hand, it is not yet ready to say if or when the project will proceed.

"What you're seeing from us ... is bits and pieces of moving a project forward," Kruger said. "But there's not a project until all those pieces come together. LNG projects by their nature take time."

The proposed project, which could potentially be exporting gas by 2023 according to regulatory filings, is one of several planned for British Columbia's Pacific coast to export gas from Western Canada's massive shale fields. However none of those projects, including facilities planned by Chevron Corp, Royal Dutch Shell Plc and Malaysia's Petronas have yet to begin construction.

Kruger said Imperial and Exxon, which has a 69.6 percent stake in the Canadian company, are laying the groundwork for the LNG project. The two are firming up the size of their available natural gas resources, finding customers, looking at transportation options and waiting for clear fiscal and regulatory rules that will govern the project.

"If you are waiting to wake up one morning with a major announcement, these projects are not like that," he said.

Imperial's project, known as WCC LNG, is expected to produce as much as 30 million tonnes of liquefied gas per year. Canadian regulators approved a 25-year export license for the facility in December.

(Reporting by Scott Haggett; Editing by Lisa Shumaker)

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Ingram Barge Order 20 Tank Barges for 2015

Ingram Barge Company say they will be building 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank barges have come through acquisitions,

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

Energy

MHPS's DeNOx System For Power Plant in Poland

Mitsubishi Hitachi Power Systems (MHPS) has received an order from ENEA Wytwarzanie S.A., a power producer in Poland, for two sets of selective catalytic reduction

Voith Hydropower Equipment for Thailand's Storage Plant

Voith has been awarded a new contract to supply the complete electromechanical equipment for a pumped storage power plant in Thailand. The order for the extension

Navy, Other Agencies, Award Bio-refinery Contracts to 3 Firms

As part of a 2011 Presidential directive, the Departments of Navy, Energy, and Agriculture have announced that three companies have been awarded contracts to construct

LNG

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

Rotterdam Integrates Safety Research with LNG Training Facility

The Dutch company Falck Risc is becoming the number one expert on LNG safety in Europe. Together with the Unified Fire Department, Falck Risc will draw up guidelines

Logistics

Specialised Reefer Container Operators can Thrive: DMR

Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast,

BMW Opens Vehicle Distribution Center at Baltimore Port

BMW Group celebrated the official opening of its newest Vehicle Distribution Center at the Port of Baltimore yesterday. The facility will serve 96 dealers within

Tropical Storm Polo Threatens Battered Mexican Resort of Los Cabos

Tropical storm Polo barreled nearer on Friday to the Mexican Pacific resort of Los Cabos where thousands of troops were restoring order following widespread

 
 
Maritime Careers / Shipboard Positions Maritime Standards Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3598 sec (3 req/sec)