CALGARY — Chevron Corp. says it is looking to sell its 50 per cent stake in the Kitimat LNG Project in British Columbia.
The move comes as the company looks to cut spending on some investments and take a charge of at least US$10 billion because lower long-term prices for oil and natural gas will reduce the value of its assets.
Chevron says the decision is part of its global portfolio optimization effort focused on improving returns and driving value.
This decision only impacts Chevron’s stake in the Kitimat LNG Project. The company’s other assets in Canada are not included in the decision.
The Kitimat LNG Project is a 50-50 joint venture between Chevron Canada Ltd. and Woodside Energy International (Canada) Ltd.
It includes upstream resource assets in the Liard and Horn River Basins in northeast B.C., the 471-kilometre Pacific Trail Pipeline and a natural gas liquefaction facility at Bish Cove near Kitimat.
This report by The Canadian Press was first published Dec. 11, 2019.
The Canadian Press