Pacific NorthWest LNG gives conditional green light for BC project
VANCOUVER -- Pacific NorthWest LNG (PNW LNG) announced Thursday that the required technical and commercial components of the project have been satisfied. Consequently, PNW LNG has resolved to move forward with a positive final investment decision (FID), subject to two conditions.
The FID will be confirmed by the partners of PNW LNG once two outstanding foundational conditions have been resolved.
The first condition is approval of the project development agreement by the Legislative Assembly of British Columbia, and the second is a positive regulatory decision on Pacific NorthWest LNG’s environmental assessment by the Canadian government.
“In parallel with work to support the final investment decision, Pacific NorthWest LNG will continue constructive engagement with area First Nations, local communities, stakeholders and regulators,” said Michael Culbert, president of Pacific NorthWest LNG. “The integrated project is poised to create thousands of construction and operational careers in the midst of the current energy sector slowdown.”
Progress Energy Canada and the North Montney joint venture partners will continue to invest in its North Montney natural gas resources. The investment to date has proved and probable natural gas reserves of over 20 Tcf with $2 billion-plus invested annually, representing approximately 4,000 sustainable jobs in northeast British Columbia.
“A final investment decision is a crucial step to ensure that the project stays on track to service contracted LNG customers,” Culbert continued.
Pacific NorthWest LNG is a proposed natural gas liquefaction and export facility on Lelu Island within the District of Port Edward on land administered by the Prince Rupert Port Authority.
Petronas (62%) is the majority owner of Pacific NorthWest LNG. Sinopec holds a 15% stake, Japex holds a 10% stake, Indian Oil Corporation holds a 10% stake and PetroleumBRUNEI holds the remaining 3%.
