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

NIC online marine training accessed by mariners across the country

NIC was among the first post-secondary schools to receive approval for digital marine courses

Sale of Vancouver Island’s most remote pub falls through

Beloved Holberg pub and restaurant The Scarlet Ibis is back with previous owner

North Island College announces 2020 graduation award winners

North Island College has announced the award recipients for the 2020 Graduation… Continue reading

Couple opts for plan B for wedding in Courtenay

Pandemic restrictions prompt April Powell and Hayden Eely to change plans for the big day

B.C. records 62 new COVID-19 cases, two deaths since Friday

Province has just over 200 active cases

Port Alberni will have a salmon derby on Labour Day after all

Alberni Valley Tyee Club reveals ‘socially distanced’ derby only for Labour Day 2020

Search for missing hiker suspended once again

Search for Laurence Philippsen was revived over the weekend after new information was received

Hotel rooms for B.C. homeless too hasty, NDP government told

Businesses forced out, but crime goes down, minister says

Suspicious fire quenched before reaching gunpowder in Nanaimo’s historic Bastion

Probe underway in basement blaze that erupted near where powder stored to fire signature cannons

Duncan model makes quarter finals in ‘Maxim’ magazine contest

Brandee Peart among top one per cent left in competition

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

Outdoor activities starting up in Courtenay

Courtenay Recreation is moving into the next phase of its summer programming,… Continue reading

B.C. government prepares for COVID-19 economic recovery efforts

New measures after July consultation, Carole James says

Most Read