Pacific Oil and Gas expands Canadian assets

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. 

Illustration purposes only (Image courtesy 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.”