Chevron is looking to sell its 50 per cent stake in the Kitimat LNG Project in British Columbia as it writes down assets by $10B because lower long-term prices for oil and natural gas will reduce the value of its assets. The announcement comes just days after the National Energy Board approved Chevron Canada’s application for a 40-year licence to export natural gas from the proposed Kitimat LNG facility. Chevron said the decision is part of its global portfolio optimization effort focused on improving returns and driving value. Chevron will work with its joint venture partner Woodside, government and First Nations partners during the process. The export licence doubles it previous license, allowing for up to 997 billion cubic feet of natural gas per year. The project is in its pre-front-end engineering design phase and has not yet been given the go-ahead.
