Woodside Exits Chevron's Kitimat LNG Project

Journal of Petroleum Technology 

Woodside has decided to exit its 50% nonoperated participating interest in the proposed Kitimat Liquefied Natural Gas (KLNG) development, located in British Columbia, Canada. The exit will include the divestment or wind-up and restoration of assets, leases, and agreements covering the 480 km Pacific Trail Pipeline route and the site for the proposed LNG facility at Bish Cove. Project operator Chevron announced its plan to divest its 50% interest in KLNG in December 2019. Woodside said it will work with Chevron to protect the project's value during the exit. The costs associated with the decision to exit KLNG are expected to affect 2021 net profit after tax up to $60 million.

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