news chevron Canada limited to exit the proposed kitimat LNG project
The proposed Kitimat LNG Project was intended to meet increasing global demand for affordable, reliable and ever-cleaner energy, reduce global emissions at a large scale, advance economic reconciliation with First Nations, and create prosperity for Canada. Although Kitimat LNG was a globally competitive LNG project, the strength of Chevron’s global portfolio of investment opportunities was such that in 2019, Chevron elected to cease further funding the project. Subsequently, Chevron Canada Limited (Chevron) and its 50/50 joint venture partner, Woodside Energy, elected to exit the Project.
The exit of the Kitimat LNG Project includes the divestment or wind-up and restoration of assets, leases, authorizations and agreements covering the Kitimat industrial site and the site for the proposed LNG facility at Bish Cove.
Chevron’s other assets in Canada are not included in this divestment, this decision only impacts the proposed Kitimat LNG Project. The Kitimat LNG decision is part of Chevron’s global portfolio optimization effort focused on improving returns and driving value.