By Canadian Press

Woodside Petroleum looks to sell its 50 per cent stake in Kitimat LNG project

May 18, 2021 | 6:51 AM

VANCOUVER — Woodside Petroleum Ltd. says it plans sell its 50 per cent stake in the proposed Kitimat LNG development in British Columbia.

The Australian company says the plan includes the divestment or wind-up and restoration of assets, leases and agreements covering the 480-kilometre Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove. 

Woodside will keep a position in the Liard Basin upstream gas resource.

Chevron Canada Ltd., the operator of the project, said earlier this year that it would stop funding further feasibility work on the project.

Chevron put its interest up for sale in December 2019, but has failed to find a buyer. 

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Woodside acting-CEO Meg O’Neill said exiting the project will allow the company to focus on higher value opportunities in Australia and Senegal.

This report by The Canadian Press was first published May 18, 2021.

The Canadian Press