Woodside exiting Kitimat LNG Porject

Woodside has decided to exit from LNG Kitimat.

The exit will include the divestment or wind-up and restoration of assets, lease and agreements covering the Pacific Trail Pipeline route. Woodside will retain a position in the Liard Basin upstream gas resource.

Woodside will work with Kitimat Joint Venture participant and operator Chevron Canada to protect value during the exist. Chevron announced its own plan to divest its 50 per cent interest in the LNG project in December of 2019.

The impact of the exit for Woodside is expected to affect net profit after tax by approximately US$40 to 60 million.