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

Energy

US House to Hold Hearing on Oil Export Ban

A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

Energy’s Promising Future Threatened

Unrealistic Fears and Overstated Risks obscure the benefits of new seismic data. The United States stands poised on the edge of a bright energy future. After decades

Pile Testing for Wikinger Wind Farm Launched

In October 2014 the first phase of the pile testing campaign for the Wikinger offshore wind farm project was launched after the site’s geotechnical investigation on the Baltic Sea had been completed.

LNG

Getting Real on LNG Fuel

Plentiful supply, low prices and strict regulations on air pollution are fuelling a swift move towards using LNG as fuel for ship propulsion in the USA and Canada.

Interferry Welcomes IMO Decision on LNG Fuel Tank Placement

Interferry has welcomed a decision at last week’s IMO Maritime Safety Committee meeting (MSC94) setting out rules for the location of fuel tanks on LNG-powered ships,

HHI to Build FSRU for Höegh LNG

A new Floating Storage and Regasification Unit (FSRU) will be built by the Korean shipbuilding Company Hyundai Heavy Industries (HHI). This FSRU will be the fifth

Logistics

Matson Raises Guam, Micronesia Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Guam/Commonwealth of the

Vacant Pier to Help Ease Long Beach Congestion

Pier S temporary depot to relocate empty containers for next five months    The Port of Long Beach expects a “Temporary Empty Container Depot” planned for a vacant

Russian Liftings for Western Options at 12-Year Low

By Gleb Gorodyankin MOSCOW, Nov 25 (Reuters) - Exports of Russian crude oil to Western markets are set to fall by almost a third in December and reach a 12-year

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics 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: 0.1355 sec (7 req/sec)