“It includes having certainty on fiscal issues with the government of British Columbia, it includes having agreements with all First Nations,” Chevron chairman and CEO, John Watson is quoted as saying to The Vancouver Sun.
Apache Corp, a Houston-based company previously holding 50 per cent of stakes alongside Chevron, announced earlier this year that a company restructuring plan has led to the decision of pulling out of the project.
“We’re working our way through engineering and cost estimates that are needed, we need gas contracts and we need a partner because our current partner has decided to exit the project,” Watson added.
Watson goes on to say energy demand is expected to grow about 2 per cent a year over the next two decades.
“…The purchasers are anxious to have supplies from reliable locations such as western Canada, but there does need to be a meeting of the minds when it comes to price so that price doesn’t underpin economics in a world where costs have risen,” Watson concluded.
You can read the entire Vancouver Sun article here.
With files from The Vancouver Sun