Woodfibre LNG developer buys Calgary-based natural gas producer

Pacific Oil & Gas says it has struck a cash deal to buy Canbriam Energy Inc.

The developer of the proposed Woodfibre LNG project on the West Coast is buying a private Calgary oil and gas producer.

In a joint announcement, Pacific Oil & Gas Ltd. says it has struck a cash deal to buy Canbriam Energy Inc., which produces natural gas from the prolific Montney geological formation in northeastern B.C. Financial details were not disclosed.

READ MORE: Woodfibre LNG moves to next step with approval from Squamish First Nation

Pacific Oil & Gas is an arm of the Singapore-based Royal Golden Eagle group of companies, focused on energy development for the Asian market.

The companies say the transaction will result in a “well-capitalized” entity able to grow current Canbriam production of about 200 million cubic feet per day of natural gas, including 6,000 barrels per day of associated natural gas liquids.

The Woodfibre LNG project, located southwest of Squamish, B.C., is licensed to export 2.1 million tonnes of liquefied natural gas per year for 40 years but has not been officially sanctioned for construction.

The deal includes Canbriam’s owned and operated gas processing plants and water handling infrastructure, “ideally situated” to support natural gas export opportunities, the companies said in a statement.

The Canadian Press

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Recycling services in Queen Charlotte, Port Clements expanding next week

Residential plastics will be accepted again, but most residential transfer stations remain closed

‘At least they’re safe:’ Arrival of new Syrian refugee family to Haida Gwaii delayed due to COVID-19

Operation Refugees says family stuck in Lebanon with no flights, ‘but at least they’re safe’

‘Good news:’ Council of the Haida Nation releases guidelines for expanding social circles

Next steps also say outdoor spaces such as parks, playgrounds, trails may be reopening for day use

Gudangaay Tlaats’gaa Naay wins ‘Most Outstanding School’ award

B.C. School Sports will present school with banner, add GTN to plaque as winners of 2019-2020 year

‘A time of transition:’ CHN looking to release next steps of pandemic response this week

State of local emergency is in effect; Gaagwiis says CHN developing indicators to guide next steps

If Trudeau won’t stand up to Trump, how will regular people: Singh

Trudeau did not directly answer a question about Trump’s actions amid protests

22 new COVID-19 test-positives, one death following days of low case counts in B.C.

Health officials urged British Columbians to ‘stand together while staying apart’

John Horgan says COVID-19 restrictions won’t be eased regionally

B.C. Liberals urge ‘tailored’ response based on infections

Feds get failing grade for lack of action plan on anniversary of MMIWG report

‘Instead of a National Action Plan, we have been left with a Lack-of-Action Plan’

B.C. ranchers, lodge operators say Indigenous land title shuts them out

Tsilhqot’in jurisdiction affects grazing, access to private property

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

As two B.C. offices see outbreaks, Dr. Henry warns tests don’t replace other measures

Physical distancing, PPE and sanitizing remain key to reduce COVID-19 spread

Greater Victoria drive-thru window smashed after man receives burger without mustard

Greater Victoria Wendy’s staff call police after man allegedly rips Plexiglas barrier off window

Murder charge upgraded in George Floyd case, 3 other cops charged

Floyd’s family and protesters have repeatedly called for criminal charges against all four officers

Most Read