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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

Bahri Orders VLCC Newbuilds

Bahri ordered five newbuild very large crude carriers from Hyundai Samho Heavy Industries   The National Shipping Company of Saudi Arabia (Bahri) today signed

Tankers Switch to Digital Navigation

In July 2015 international regulation requires all tankers to be compliant with IMO rules for the use of ECDIS and ENCs. As many shipping companies start planning

Energy

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

Executive Changes at Transocean

Transocean Ltd. today announced that, as mutually agreed with the company, Esa Ikaheimonen is stepping down as Executive Vice President and Chief Financial Officer effective immediately.

BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development

LNG

LNG Vessel with Wartsila Integrated Solutions Delivered to Evergas

The first in a series of 27,500 cbm 'Dragon' class vessels ordered by Evergas, a world renowned owner and operator of seaborne petrochemical and liquid gas transport vessels,

BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development

Chevron Hires Viking Princess

Eidesvik Offshore has signed a contract for 19 months with Chevron UK employment for one platform supply vessel (PSV) Viking Princess.    The vessel will be

Logistics

Chevron Hires Viking Princess

Eidesvik Offshore has signed a contract for 19 months with Chevron UK employment for one platform supply vessel (PSV) Viking Princess.    The vessel will be

Aegean Marine Profit Beats Estimates

Greece-based Aegean Marine Petroleum Network Inc. (ANW) reported first-quarter earnings of $12.2 million or $0.25 per share compared with $5.1 million or $0.11 per share last year.

Hapag-Lloyd Grows Feeder Network in Scandinavia

Ocean carrier Hapag-Lloyd will be integrating the Port of Oslo into its Baltic Express Service (BAX) in June.    The BAX will then link a total of six ports in Estonia,

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.2343 sec (4 req/sec)