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Woodside Petroleum nixes Grassy Point LNG export plant in Canada

Published 03/07/2018, 09:39 AM
© Reuters.  Woodside Petroleum nixes Grassy Point LNG export plant in Canada
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  • Australia’s Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) drops plans to build a liquefied natural gas export plant at Grassy Point in British Columbia, choosing to focus on another Canadian LNG project.
  • Woodside’s rights to develop the Grassy Point LNG site north of Prince Rupert expired on Jan. 15, and the company says it will not renew the agreement.
  • Woodside says it will focus on the Kitimat LNG project, where it is a 50% partner with Chevron (NYSE:CVX), although the U.S. company reportedly is considering selling part of its stake.
  • The decision to end Grassy Point adds to a string of Canadian LNG projects that have been delayed or terminated because of the global LNG supply glut.
  • Now read: Added More Chevron Now Selling A Call


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