• 3 minutes Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 7 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 6 hours $867 billion farm bill passed
  • 3 hours Venezuela continues to sink in misery
  • 8 mins Waste-to-Energy Chugging Along
  • 2 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 16 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 16 hours Has Global Peak Diesel Arrived?
  • 2 hours No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 1 hour Regular Gas dropped to $2.21 per gallon today
  • 8 hours What will the future hold for nations dependent on high oil prices.
  • 1 min Zohr Giant Gas Field Increases Production Six-Fold
  • 8 hours Air-to-Fuels Energy and Cost Calculation
  • 1 day How High Can Oil Prices Rise? (Part 2 of my previous thread)
Alt Text

One Houston Gas Player Is Changing The LNG Business Forever

Houston-based Tellurian Inc. has announced…

Alt Text

What’s Behind The Plunge In LNG Prices?

Warmer weather in Asia has…

Alt Text

Will China Turn Its Back On U.S. LNG?

While the trade war truce…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

China’s Sinopec Eyes Stake in Canadian LNG Project

China's state-owned Sinopec is said to be in talks with US-based Apache Corporation to acquire a stake in a $15-billion natural gas export project in British Columbia.  

Chevron and Apache each currently own a 50% stake in the Kitimat liquefied natural gas (LNG) project to export natural gas from British Columbia to Asia, and Sinopec’s potential acquisition of a stake in this could help offset some of the costs.

The Kitimat LNG project includes an LNG processing plant, pipelines and 644,000 acres of untapped shale resources on the coast of northern British Columbia. The project is expected to begin exporting natural gas from the Horn River and Liard fields in British Columbia by 2017, and has a license to export 10 million tons of LNG annually.

Related article: China Increases Purchases of LNG on Spot Market

Apache will operate the project’s upstream assets, while Chevron will control the downstream. Apache earlier this year paid $150 million to raise its stake in the project from 40% to 50%.

Sinopec’s potential foray into this project is said to be fortuitous for Chevron and Apache, which are struggling with soaring project costs that are now over $15 billion—or $3 billion more than initial estimates.

Beyond contributing to project costs, Sinopec’s inclusion in Kitimat LNG could also provide another Asian buyer for British Columbian natural gas.

China is seeking to double its share of natural gas in the energy equation to 10%, and reported talks over Kitimat LNG are in line with this goal.

Related article: Gazprom Takes on Lithuania with New LNG Terminal

Earlier this month, the Canadian subsidiary of China’s CNOOC was awarded exclusive rights to proceed with a proposed terminal to export LNG from the Pacific coast.

Last month, Apache struck a deal with Sinopec to sell a one-third stake in its Egypt oil-and-gas business for $3.1 billion.

By. Joao Peixe of Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News