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Woodside Petroleum drops Grassy Point LNG plans, says it plans to focus on Kitimat LNG

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MELBOURNE, AUS. — Australia’s Woodside Petroleum says it is dropping a planned LNG export plant at Grassy Point near Prince Rupert and is going to instead focus on the Kitimat LNG project, in which it is a 50/50 partner with Chevron.

According to Reuters, Woodside’s rights to develop the Grassy Point LNG site, which is located about 30 km north of Prince Rupert, expired on January 15th. The company said today that it had decided not to renew those rights.

“The decision was made after careful consideration of our long-term development strategy in Canada,” Woodside said in an statement. “We are focusing on the Kitimat LNG project in which we area 50-percent partner with Chevron.”

The decision to scrap Grassy Point adds to a string of LNG projects that have been delayed or shelved in B.C. because of a global supply glut of liquified natural gas. Last year, Woodside said that Kitimat LNG is part of its growth plans for beyond 2026. The proposed LNG terminal would be allowed to export 10 million tonnes a year for a period of 20 years.

Earlier this week, Reuters reported that Chevron was considering selling a minority stake in Kitimat LNG, with Petronas said to possibly be interested in purchasing the stake.

Story courtesy Reuters: https://boereport.com/2018/03/07/australias-woodside-drops-grassy-point-lng-plan-in-canada/

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