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

Thief chops their way into ATM at Salmon Arm Shell station

Amount of cash taken unknown, six-minute heist captured on video

Salmon Arm Minor Hockey takes initiative on mental health

Association embraces need for awareness, to host its own Mental Health Week

Shuswap Search and Rescue launches search for new recruits

Looking for people with time to commit, an enjoyment of outdoors who want to give back to community

Salmon Arm soapbox derby organizer makes donation to BC Children’s Hospital

The money raised from the annual event will go towards a pet petting program

Update: Fire extinguished in roof of Salmon Arm retirement residence

Residents being moved back to their apartments in Lakeside Manor from regional district building

Girl power glows in Vernon STEM workshop

More than 100 students take part in STEM4Girls event

Beers on the job, smacking crotches: 10 police misconduct probes in B.C.

Recent report by the Office of the Police Complaint Commissioner highlights a number of investigations

Seizure of cannabis edibles, including mac-and-cheese, prompt warning from B.C. RCMP

Potato chips, cheesecake and candy infused with cannabis also seized back in August

B.C. parents sue city and province in 12-year-old daughter’s drowning at lake

Beverly Park drowned at Rotary Lake in Dawson Creek in August 2016

Limited parking drives concerns for North Okanagan housing project

Public hearing scheduled for CMHA low-income expansion project proposal

Summerland curlers begin season on the ice

League action and bonspiels to continue into March

Penticton-bound plane forced to return to Vancouver

It’s the third flight in three weeks that has been unable to land at Penticton Regional Airport.

VIDEO: Chill with polar bears through an Arctic live cam

Cam reopens just ahead of Polar Bear Week

Most Read