Chevron Corporation CVX today announced that its indirect Canadian
subsidiary, Chevron Canada Limited, will acquire a 50 percent operating
interest in the Kitimat liquefied natural gas (LNG) project and proposed
Pacific Trail Pipeline (PTP), and a 50 percent interest in approximately
644,000 acres of petroleum and natural gas rights in the Horn River and Liard
Basins in British Columbia, Canada.
Under the terms of the agreements, Chevron Canada Limited will acquire all of
the interests currently owned by affiliates of EOG Resources Canada Inc. and
Encana Corporation in the proposed Kitimat LNG Project and PTP. Thereafter,
Chevron Canada Limited will equalize interests with an Apache Corporation
subsidiary, resulting in Chevron Canada Limited and Apache each holding a 50
percent interest in both the Kitimat LNG Project and PTP. Operatorship of both
facilities will transfer to Chevron Canada Limited.
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