Chevron’s LNG Exit Deals Fresh Blow to Canada’s Energy Industry
- Oil major focuses on Texas as it trims uncompetitive projects
- Move follows a slew of others reducing presence in Canada
The Chevron and Woodside LNG site on the Douglas Channel, near Kitimat, British Columbia.
Photographer: Ben NelmsThis article is for subscribers only.
Abundant natural gas resources, an all-electric plant and just a nine-day hop to energy-hungry Asian markets were not enough to convince Chevron Corp. to pursue its Kitimat gas export project in western Canada, marking a further blow to the country’s beleaguered fossil fuel industry.
The U.S. oil giant called time on the liquefied natural gas plant on Wednesday, saying it plans to sell its 50% stake and that the project “will not be funded by Chevron and may be of higher value to another company.” Woodside Petroleum Ltd., its partner, is also seeking to sell a share in the project.