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Canadian firm stops LNG projects - jft310 - 02-27-2016
A small-scale liquefied natural gas project on British Columbia's Pacific coast led by Canada's AltaGas said it would halt further development citing unfavourable market conditions.
The Douglas Channel LNG Consortium, which had been expected to go to final investment decision (FID) by the end of 2015, was considering a 550,000 tonnes per year floating LNG facility near Kitimat in British Columbia, with first LNG exports in 2018.
The consortium, which includes Japan's Idemitsu, France's EDF Trading and Belgium's Exmar, on Thursday announced the decision to halt development 'due to adverse economic conditions and worsening global energy price levels,' AltaGas said i
RE: Canadian firm stops LNG projects - UncleT - 02-27-2016
Please stop posting every oil and gas related article you come across.
RE: Canadian firm stops LNG projects - jft310 - 02-27-2016
The articles are related to Interoil sorry you can't see the connection . Like in the oil business the higher cost providers are dropping out . This helps a survivor like Interoil because fewer firms will be selling LNG . Interoil has the Duma required Super Major partner . Or every article is Interoil related and I mostly let others make the connection .
RE: Canadian firm stops LNG projects - freddiekingman - 02-27-2016
http://mobile.reuters.com/article/idUSL3N16108R
RE: Canadian firm stops LNG projects - jft310 - 02-27-2016
In another blow to B.C.'s nascent liquefied natural gas industry, AltaGas Ltd. is shelving the development of its Douglas Channel LNG plant near Kitimat.
The decision to halt work on the project was blamed on poor economic conditions and worsening global energy prices.
ANALYSIS: Christy Clark still trying to deliver on her LNG promise
Shell postpones decision on LNG plant in Kitmat
"We believe the project could deliver LNG to Japan at very competitive prices," AltaGas CEO David Cornhill said Thursday.
"However, without a meaningful offtake agreement the consortium can no longer continue the development of the project."
AltaGas, along with its global partners in the project, had been aiming for the project near Kitimat, B.C., to begin exporting LNG in 2018.
The announcement comes just weeks after Shell Canada announced it was postponing its final investment decision (FID) on their huge LNG terminal proposal in Kitimat until the end of the year.
Significant decisions to come
****Minister of Natural Gas Development Rich Coleman said today's news does not mean B.C.'s LNG industry is in trouble.
"I don't think so," Coleman said Thursday.
"I think we've got some significant FID discussions taking place in the next 60-90 days on a couple of projects
"Obviously there's been two that have told us they want to get to their FID by end of this year...and they're much larger. This was a very small project."******
The Douglas Channel project is one of the smallest of the more than 20 proposed LNG projects in Canada with the potential to export about 2.4 billion cubic metres of natural gas per year, compared with 33 billion cubic metres for Shell's LNG Canada project.
With files from Farrah Merali and The Canadian Press
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RE: Canadian firm stops LNG projects - Putncalls - 02-27-2016
Yeah but IOC will trade like the LNG market is kaput because of the LNG oversupply. No one knows if Papua get's funded, delayed or shelved. Hessian should have gotten the certification done and he and his boys screwed up.
RE: Canadian firm stops LNG projects - Stavros - 02-27-2016
Putz ... you're acting schizo again.
If Papua LNG does not get funded then NO LNG PLANTS WILL EVER GET FUNDED IN THE FUTURE.
That's simply impossible.
It will be, what it will be .... to coin a phrase!
RE: Canadian firm stops LNG projects - Putncalls - 02-27-2016
I didn't say that Papua wouldn't get funded. I said the PPS is trading that way and it would be a LOT higher if Hessian and crew had done a better job.
RE: Canadian firm stops LNG projects - jft310 - 02-27-2016
The stock price is down for many reasons. Oil price, LNG price , world economy , asset much larger than expected so takes more time to evaluate , oil Search law suite delay , Etc .
None of these items were controllable by Hession .
You might want to overlay the oil indexes to Intetoil stock price before blaming people ,
Try the Saudi's as a big start .
Surprise Interoil doesn't operate in a vacuum . Hello!!!
RE: Canadian firm stops LNG projects - Stavros - 02-27-2016
Putz: You said "No one knows if Papua get's funded, delayed or shelved."
I guess what you meant to say was "The PPS is trading as if many people are concerned that Papua LNG may be delayed or shelved, but I'm not worried."