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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

VIDEO: House fire on Old Yale Road draws multiple fire units

No immediate reports of serious injuries

Party bus door fault for years ahead of Langley woman’s death: Coroner

Tuesday report classifed Chelsea James’ death accidental, but was critical of bus inspection process

Theatre students tackle mental health in stage production

Langley actor Brayden Meehan stars in Capilano University production of 7 Stories, Feb. 4 to 8

Rising jazz stars welcome to apply for Fort Langley festival award

Winner will receive a scholarship of $1,000 and a main stage performance opportunity

Population growth slows in Langley Township

The community is still growing, however

VIDEO: Feds look to help 126 Canadians quarantined in China for coronavirus

China has confirmed more than 4,500 cases of the new virus, with more than 100 deaths

Sap thief taps Saanich park maple trees, faces hefty fine

One tree found with four taps in Mount Doug Park

B.C. reports first coronavirus in Vancouver region

First patient visited Wuhan, China, reported symptoms

Uber threatens legal action to ‘defend its right’ to operate in Surrey

‘I have no concerns,’ Mayor Doug McCallum replies

Victoria resident says WestJet employee uttered racist comment, refused to let her on plane

Customer claims she was told ‘You guys can’t handle your alcohol’ by WestJet employee

Bystander who tried to help dog being attacked not liable for its death: B.C. tribunal

Owner of dog killed tried to get $5,000 in damages from man who tried to save it

INFOGRAPHIC: See how fast your B.C. city grew in 2019

The province’s fastest-growing municipalities were located on Vancouver Island

Landowner hearings begin for Trans Mountain expansion in Alberta

Detailed route talks start in Spruce Grove, in B.C. communities soon

Alessia Cara to host and perform at 2020 Juno Awards

Multi-platinum Canadian singer-songwriter also up for six awards, including Artist of the Year

Most Read