Chevron Subsidiary Acquires Operating Interest in Western Canada LNG Project
SAN RAMON, Calif. - (BUSINESS WIRE) - Chevron Corporation (NYSE: CVX) today announced that its indirect Canadian subsidiary, Chevron Canada Limited, will acquire a 50 percent operating interest in the Kitimat liquefied natural gas (LNG) project and proposed Pacific Trail Pipeline (PTP), and a 50 percent interest in approximately 644,000 acres of petroleum and natural gas rights in the Horn River and Liard Basins in British Columbia, Canada.
"The Kitimat LNG development is an attractive opportunity that is aligned with existing strategies and will drive additional long-term production growth and shareholder returns," said George Kirkland, vice chairman, Chevron Corporation.
"This investment grows our global LNG portfolio and builds upon our LNG construction, operations and marketing capabilities. It is ideally situated to meet rapidly growing demand for reliable, secure, and cleaner-burning fuels in Asia, which are projected to approximately double from current levels by 2025."
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