Chevron set to exit Kitimat LNG project

first_imgImage courtesy of ChevronU.S. energy major Chevron has revealed plans to try and sell its 50 percent stake in the Kitimat LNG project on the coast of British Columbia, Canada.Chevron announced the potential sale in its 2020 budget, stating that it would also cut funding to gas-related ventures including Kitimat LNG and its shale gas fields in the northeastern United States.It also announced a charge of at least $10 billion against its assets because of expected lower long-term prices for oil and gas.Chevron is not the first company to want out of Kitimat LNG — it bought its 50 percent stake from Calgary-based Encana Corp. and Houston-based EOG Resources in December 2012.In the same transaction, Apache raised its stake in Kitimat LNG from 40 to 50 percent, but two years later sold that stake to Australia’s Woodside Petroleum, which is Chevron’s current partner.It is worth noting that Petronas also canceled its Pacific NorthWest LNG project in 2017 and later joined the Shell-led $40-billion LNG Canada project, which is the only project under construction after being approved in 2018.To remind, the Canada Energy Regulator approved a 40-year license to export natural gas for Kitimat LNG earlier this month, doubling its previous license duration and nearly doubling the potential output of the facility to 18 million tonnes of liquefied natural gas per year.Chevron added that its decisions were part of its global portfolio optimization effort focused on improving returns and driving value.“Although Kitimat LNG is a globally competitive LNG project, the strength of Chevron’s global portfolio of investment opportunities is such that the Kitimat LNG project will not be funded by Chevron and may be of higher value to another company,” Chevron stated.“Chevron intends to commence soliciting expressions of interest for its interests in the Kitimat LNG Project. No timeline has been set to conclude this process.”The Kitimat LNG project includes upstream natural gas lands in the Liard and Horn River Basins in northeastern British Columbia, the 471-kilometre Pacific Trail Pipeline, and the gas liquefaction facility at Bish Cove near Kitimat.last_img read more

Three takeaways from No. 5 North Carolina’s win over Syracuse

first_img Romeo Langford’s late layup gives Indiana double-overtime win over No. 19 Wisconsin Duke vs. Virginia Tech: Three takeaways from the Blue Devils’ loss North Carolina pulled off a 93-85 win over Syracuse on Tuesday, extending its winning streak to four games.The Tar Heels put together some impressive runs during the game, but the Orange kept battling back to keep things competitive. Nevertheless, UNC remains one of the hottest teams in the country.Here are three takeaways from the Tar Heels’ victory: Related Newscenter_img While Syracuse did manage to topple Duke earlier this year, it gave up 90 points twice this season, and will have to face No. 2 Virginia on March 4 before the regular season comes to a close.The Orange have consistently been a dark horse come tournament time in years past. But they have a few kinks to iron out as March Madness approaches. Coby White is an elite shot creatorWhite’s versatility on offense has been a valuable asset for UNC all season. The guard became the first Tar Heel freshman to record three 30-point games in a season. He scored 34 points on 9-of-14 shooting against Syracuse and was a perfect 10-of-10 from the free throw line.The Orange’s zone defense was no match for White, who slashed to the basket for quality looks in the paint. He also rattled home six 3-pointers, proving teams trying to defend him will have to pick their poison.Getting to the line will prove to be key for the Tar HeelsUNC was remarkable when it came to getting to the free-throw line Tuesday and they also converted at an efficient clip. The Tar Heels shot 14 more free-throws than the Orange, making 34 of their 37 attempts. The Tar Heels have shot less free throws than their opponents in four of their five losses this season, so replicating Tuesday’s success could prove to be beneficial.Syracuse’s defense has been exposed against top talentThe Orange entered Tuesday with the NCAA’s 24th ranked scoring defense, allowing just 64.1 points per game. But Syracuse has given up 76.5 points per game against ranked opponents this season.last_img read more