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

‘More animals could have a chance:’ Victoria Humane Society in desperate need of a home

Animal rescue currently has 163 animals in foster and volunteer homes

Free-B Film Festival celebrates 20th anniversary

Head to Victoria’s Beacon Hill Park to see some family favourites on the big screen

Join North Saanich invasives removal and experience three key benefits

Friends of North Saanich Parks says July 27 clear-up will be rewarding as well as green

Central Saanich accused of not following Climate Emergency declaration with urgent action

Motion to research climate response options and costs rejected then rescheduled in tense meeting

Esquimalt gives six-storey rental complex the green light

A new apartment building is set to go up on Admirals Road

Rich the Vegan scoots across Canada for the animals

Rich Adams is riding his push scooter across Canada to bring awareness to the dog meat trade in Asia

Vancouver Island teens missing after vehicle found ablaze near Dease Lake, BC

RCMP say a body discovered nearby not one of the missing teens

A year later, ceremony commemorates victims of the Danforth shooting

It’s the one-year anniversary of when a man opened fire along the bustling street before shooting and killing himself

Japanese Canadians call on B.C. to go beyond mere apology for historic racism

The federal government apologized in 1988 for its racism against ‘enemy aliens’

B.C. VIEWS: NDP pushes ahead with Crown forest redistribution

This isn’t the time for a radical Indigenous rights agenda

Two dead in two-vehicle crash between Revelstoke and Golden

RCMP are investigating the cause of the crash

Ottawa fights planned class action against RCMP for bullying, intimidation

The current case is more general, applying to employees, including men, who worked for the RCMP

Alberta judge denies B.C.’s bid to block ‘Turn Off the Taps’ bill

He said the proper venue for the disagreement is Federal Court

Most Read