B.C.’s LNG industry facing a possible setback
There is another possible setback for premier Christy Clark’s vision of LNG as the fuel for B.C.’s economic future.
One of the key players in a Kitimat liquefied natural gas project, Houston-based Apache Corporation has pulled out.
Apache has already spent a billion dollars clearing land on its LNG site in Kitimat.
But as work continues, shareholders pressured the company to get out of LNG and focus on its core business.
Today in a conference call its CEO stated Apache intends to completely exit the Kitimat LNG project.
The move is a reminder the LNG business is only for those international firms with very deep pockets.
Chevron will now have to find a new partner, which could include Asian energy firms although many already have signed on to other B.C. LNG projects.
This is all occurring as natural gas prices have slowly slid downward, which some have argued could jeopardize B.C.’s LNG aspirations.