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Apache Canada Ltd and Chevron Canada announces joint entry into Kitimat LNG in British Columbia, Canada

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Feb 12, 2013 (M2 EQUITYBITES via COMTEX) -- Oil & gas company Apache Corporation (NYSE:APA) (Nasdaq:APA) said on Monday that its Apache Canada Ltd subsidiary and Chevron Canada Limited will jointly build and operate the Kitimat LNG project and develop world-class natural gas resources at the Liard and Horn River basins in British Columbia, Canada.

Under an agreement, Chevron Canada, a subsidiary of Chevron Corp (NYSE:CVX), and Apache Canada each have become a 50% owner of the Kitimat LNG plant, the Pacific Trail Pipelines and 644,000 gross undeveloped acres in the Horn River and Liard basins, which has more than 50tn cubic feet of resource potential on the Apache-Chevron acreage.

Following a brief transition period, Chevron Canada will assume operatorship of the LNG plant and the pipeline. Apache Canada will operate the upstream assets and its net proceeds from the transaction were USD405m.

Kitimat LNG, at Bish Cove on the northern British Columbia coast north of Vancouver, is completing front-end engineering and design, and early site work is under way. Current plans call for two liquefaction trains, each with expected capacity of 5m tons of LNG per annum (750m cubic feet of gas per day). It has received all significant environmental approvals and a 20-year export license from the Canadian federal government.

Comments on this story may be sent to info@m2.com

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As of Friday, 02-08-2013 23:59, the latest Comtex SmarTrendA? Alert,
an automated pattern recognition system, indicated an UPTREND on
06-07-2012 for APA @ $84.38.

As of Friday, 02-08-2013 23:59, the latest Comtex SmarTrend Alert,
an automated pattern recognition system, indicated an UPTREND on
06-07-2012 for CVX @ $101.09.

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