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Ovintiv signs 12-year deal for access to Cedar LNG liquefaction capacity

Ovintiv has entered into an agreement with Pembina Pipeline Corporation to secure 0.5 million tonnes per annum of LNG liquefaction capacity over 12 years, strengthening its export outlook to Asian markets.

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Ovintiv Inc. announced the signing of a 12-year agreement with a subsidiary of Pembina Pipeline Corporation to access 0.5 million tonnes per annum of liquefied natural gas (LNG) capacity at the Cedar LNG facility, located on Canada’s West Coast. The agreement will take effect with the commercial launch of the facility, scheduled for late 2028.

A strategic position on Asian shipping routes

Cedar LNG will provide Ovintiv with direct access to Asian markets by leveraging the geographical proximity between British Columbia and major consumption centres in Asia. The Canadian export terminal represents the shortest maritime route to these markets from North America. The new deal aligns with Ovintiv’s logistics diversification strategy, adding to its existing portfolio of natural gas transportation solutions.

Monetising the Montney gas resource

Ovintiv’s management stated that this partnership will help increase the profitability of resources from the Montney formation, one of Canada’s most developed natural gas basins. Under the agreement, Pembina will handle both transportation and liquefaction capacity on behalf of Ovintiv, ensuring a continuous export flow.

Strengthening international access for Canadian LNG

This long-term agreement marks a further step in opening Canadian LNG to international markets, as other export projects continue development in the region. Ovintiv, one of Canada’s largest natural gas producers, uses such partnerships to secure long-term export volumes amid strong demand from Asia.

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