Canada: Encana Sees Kitimat LNG Decision by Year-End

Encana said the Kitimat LNG project final investment decision would be made before the end of 2012, Reuters cited the company’s CEO Randy Eresman as saying.

Kitimat LNG is a joint venture between Apache which holds 40 percent, 30 percent is owned by EOG Resources, and 30 percent by Encana.

Enacana’s CEO also said that the LNG project’s partners are willing to offer up to 20 percent of the equity to potential LNG buyers.

“We are looking for one or two anchors that we would allow to have equity in the facility as well,” he said.

Apache, EOG Canada and Encana plan to build the Kitimat LNG facility on Bish Cove, approximately 650 kilometres (400 miles) north of Vancouver.

The initial phase of the facility has a planned capacity of approximately 5 million metric tonnes of LNG per annum or the equivalent of nearly 700 million cubic feet per day.

[mappress]

LNG World News Staff, March 29, 2012; Image: Kitimat LNG