Ovintiv enters into agreement for Cedar LNG capacity
Ovintiv Inc. and a subsidiary of Pembina Pipeline Corporation have announced the signing of a 12-yr agreement for 500,000 tpy of Pembina's liquefaction capacity at the Cedar LNG facility.
The agreement enables the export of 500,000 tpy of LNG, under which Pembina will provide transportation and liquefaction capacity to Ovintiv over a 12-yr term, commencing with commercial operations at Cedar LNG, anticipated in late 2028. It provides Ovintiv, one of Canada's largest natural gas producers, with access to additional export markets, complementary to the Company's existing portfolio of natural gas transportation arrangements. Export from the west coast of Canada offers the shortest shipping distance to Asian LNG markets from North America.
"Today's announcement marks a significant advancement in our strategy to expand market access and maximize the profitability of our Montney gas resource through participation in global LNG markets," said Meghan Eilers, EVP of Midstream and Marketing at Ovintiv. "We are excited to partner with Pembina to supply low-cost Canadian natural gas to overseas markets, supporting energy security and global emissions reductions."
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