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

Tanker Trends

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan

A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against

Odfjell 2Q Results In Line with Expectations

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

Energy

Mexican Alfa Tie-up with Pemex for Onshore Exploration

Mexican conglomerate Alfa He is interested in participating in association with the state oil company Pemex Exploration Projects in fields on earth, aunque también

YPF Oil Extends Operating Agreement with Sinopec to 2027

Argentina's state oil company YPF agreed Friday to extend its operation until 2027 in partnership with a local unit of China's Sinopec oil in an area of ​​a

Norman Murray, Petrofac Chairman Quits

Petrofac, the international oil & gas facilities service provider, today announces that Norman Murray, who has been Chairman since May 2011, has resigned from

LNG

MARAD: Total Fuel Cycle Study for Natural Gas

The Maritime Administration (MARAD) released a study that evaluates total fuel cycle emissions for natural gas versus conventional marine fuels. Results showed

LNG Transport Barge Design Approved by ABS

Conrad Shipyard, L.L.C. engaged Bristol Harbor Group, Inc. (BHGI) to develop a 3,000 cubic meter Liquefied Natural Gas (LNG) transport barge utilizing a Bristol

Banking on US Shale Gas Boom, Asia Petrochemical Firms Switch to LPG

Asia petrochemicals firms are building tanks and retooling plants to store and process liquefied petroleum gas imported from the United States, counting on a flood

Logistics

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Simulators Sonar
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: 0.0904 sec (11 req/sec)