President Obama said NO to the Keystone pipeline, 20,000 American jobs and lower costs of energy.  The Canadians still have the natural gas and are willing to sell it to the highest bidder—that is China.

Chevron, which is moving its headquarters out of California in the next five years—already moving 800 employees to Texas—has decided to buy Canada, and sell China.  The profits will never be seen in the U.S. or California—hence no taxes paid here.

“Chevron (CVX) is buying 50% stakes in two shale gas fields in Western Canada, and the infrastructure needed to export the fuel to Asia.

The company said its Canadian subsidiary was buying gas and oil rights to about 644,000 acres in the Horn River and Liard Basin in British Columbia, Canada. It will also own half of the proposed pipeline and related export terminal in Kitimat, on the coast. The sellers were Encana (ECA) and EOG Resources (EOG).”

See the full story by clicking on the blue headline

 

Chevron Eyes Asia with Canadian Natural Gas Projects

By Kevin Harlin, Investor’s Business Daily, 12/24/12

Chevron (CVX) is buying 50% stakes in two shale gas fields in Western Canada, and the infrastructure needed to export the fuel to Asia.

The company said its Canadian subsidiary was buying gas and oil rights to about 644,000 acres in the Horn River and Liard Basin in British Columbia, Canada. It will also own half of the proposed pipeline and related export terminal in Kitimat, on the coast. The sellers were Encana (ECA) and EOG Resources (EOG).

The sides didn’t give a price, though the Wall Street Journal, citing analysts, reported it was likely about a $1.3 billion deal.

Chevron will become an equal partner in the project with Apache (APA).

“This investment grows our global LNG portfolio and builds upon our LNG construction, operations and marketing capabilities,” George Kirkland, Chevron’s vice chairman said in a statement. “It is ideally situated to meet rapidly growing demand for reliable, secure, and cleaner-burning fuels in Asia, which are projected to approximately double from current levels by 2025.”

New discoveries and improved drilling methods is creating a glut of natural gas in North America, driving prices lower. That has North American producers scrambling to complete the costly infrastructure necessary to cool the gas to a liquid form, where it can be transported in tankers to Asian buyers.

The Kitimat LNG project, proposed several years ago, is still in the engineering and design phase, though it has Canadian National Energy Board license to export 10 million tons per year of LNG.

 

 

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Marten Purdy

Keystone pipeline:
A primary example of Enviromarxism would be the opposition to the extension of the Keystone Pipeline from Alberta, CA to Texas, USA.
President Obama has supported Enviromarxists in this endeavor. The Enviromarxist claims that the environmental damages that would be caused are too significant, when in fact any credible geologist says otherwise.

December 28, 2012 at 8:24 am

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