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

Just Posted

Junior hockey back, as Flames host exhibition

Ice Hawks visit Maple Ridge on Aug. 23

Resident asks Maple Ridge council to skip UBCM reception

Doesn’t want politicians to attend China-sponsored event

The scenic route through Maple Ridge

Winding Fern Crescent offers relaxing views

Bulldogs defeat Ridge Meadows Royals

Exhibition game proved to be challenging for both teams

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. Lions fall to 1-9 after 13-10 loss to Ticats

Lowly Leos have dropped six straight CFL contests

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

Border crossings across Lower Mainland seeing lengthy delays

Sumas, Peace Arch and Surrey-Blaine border crossings seeing long wait times

Thousands cycle to conquer cancer

The 11th annual Ride to Conquer Cancer took place Saturday morning, Aug. 24 in Surrey, B.C.

PHOTOS: Brazil military begins operations to fight Amazon fires

Amazon fires have become a global issue, escalating tensions between Brazil and European countries

Racist confrontation in Richmond parking lot caught on camera

Woman can be heard yelling racial slurs, swear words at woman in apparent parking dispute

Most Read