Encana joins Canadian LNG’s Asia export drive
Kitimat LNG project now certain to go ahead; stronger Asia gas price underpins development
PLANS to export gas from Canada to Asia are all but certain, hanging only on regulatory approval, now that Encana has joined forces with Apache and EOG Resources in the Kitimat LNG (liquefied natural gas) project. Ending weeks of less-than-subtle hints, Calgary-based Encana made its move on 18 March, paying an undisclosed amount for a 30% holding in the project. Operator Apache has reduced its stake to 40% from 51% and EOG trimmed its stake to 30% from 49%. For Encana, North America’s second-largest natural gas producer, the motivating factors were obvious. Asia offers a two-pronged advantage: oil-indexed gas prices that are worth about triple North America’s prevailing $4/’000 cubic feet (c
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