British Columbia NEWS

British lawmakers approved a 25% windfall tax on oil and gas producers in the British North Sea on Monday, which the government says will raise 5 billion pounds ($5.95 billion) in one year to help people struggling with soaring energy bills.The Energy Profits Levy will target profits made from a spike in oil and gas prices as energy demand is going up after pandemic lockdowns ended and the Russia-Ukraine conflict started.

Texas-based Western LNG has awarded the front-end engineering design (FEED) contract for its FLNG project to Wison Offshore & Marine. The scope of the contract covers the development of the basis of design (BOD) and performing FEED for the project in British Columbia. Wison will deploy the methodology that has been streamlined based on the delivery of Caribbean FLNG. The project is expected for completion in 40 weeks post BOD.

The Canadian Government yesterday announced that it will buy the controversial Kinder Morgan Canada Ltd’s Trans Mountain oil pipeline for $3.5 billion. Canada has been firm on building the pipeline right from the beginning. The project has been affected by legal uncertainty and continued protests from environmental groups and the province of British Columbia. The expansion would almost triple the capacity to 890,000 bbl of oil.