Economy

Woodside abandons Grassy Point LNG venture to focus on Chevron's Kitimat project

Woodside abandons Grassy Point LNG venture to focus on Chevron's Kitimat project”

Woodside Petroleum, Australia's leading liquefied natural gas producer, says it's pulling out of an LNG export plant north of Prince Rupert, B.C., so it can concentrate on another LNG site near Kitimat. The company said today that it had decided not to renew those rights.

"The decision was made after careful consideration of our long-term development strategy in Canada", Woodside said in an emailed statement after the step was initially reported by the Globe and Mail.

Chevron is also considering selling a stake in the Kitimat LNG project to a financial investor such as a pension fund or a private equity firm, Reuters said.

The Grassy Point decision follows Malaysian oil and gas producer Petronas previous year scrapping a $US36 billion LNG project in British Columbia.

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"We are grateful to all of those who have devoted time and resources to working with us as we have explored the feasibility of developing the Grassy Point LNG project".

Woodside flagged last year that Kitimat, which has a 20-year, 10 million tonnes a year export license, was part of its growth plans for beyond 2026.

Petroliam Nasional Bhd, or Petronas, is among the companies in talks with Chevron for a possible stake in the Kitimat LNG facility in British Columbia, the news service said.



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