Pacific Oil and Gas expands Canadian assets
Energy resource developer, Pacific Oil and Gas (PO&G) is expanding its Canadian assets with the acquisition of Canbriam Energy.
The company informed it has completed the acquisition of all the issued and outstanding shares of Canbriam, a private exploration and production company with a focus on liquids rich natural gas development. Its principal producing properties and acreage positions are in the Altares and Kobes Montney regions of northeast British Columbia.
To remind, PO&G owns the planned LNG export-terminal Woodfibre LNG, a project currently in pre-construction phase.
The project recently signed its foundation customer, BP, on a 15-year deal under which the latter will receive 0.75 million tonnes per annum (MTPA) of LNG on a free on board (FOB) basis, with first delivery expected in 2023.
The Woodfibre LNG project is located approximately 7 km west-southwest of Squamish, British Columbia. It involves the construction and operation of an LNG export facility by Woodfibre LNG on the previous Woodfibre pulp mill site, which would have a storage capacity of 250,000 cubic meters and would produce approximately 2.1 (mtpa) of LNG.
Speaking of the acquisition, Ratnesh Bedi, President of PO&G, said, “our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through international export.”