Petrolia moves closer to LNG project development

Petrolia moves closer to LNG project development

Pétrolia informed that a letter has been signed confirming that Ressources Québec intends to invest, as an agent of the Quebec government, in Pétrolia’s share capital with a private placement totalling $3.8 million for the first phase of the Bourque LNG project.

This investment is made up of a private equity investment in Pétrolia’s share capital or, as the case may be, in the Bourque project via a joint venture, the company said in a statement.

This investment will be combined with the interest shown by the company’s partner Tugliq Energy in directly investing $2.7 million in the Bourque project via a joint venture.

Work on the first phase of the resource confirmation program, namely completing Bourque 1 and conducting some additional drilling, is set to begin within the next few weeks. The program will allow Pétrolia alongside Tugliq Energy to carry out a liquid natural gas extraction and liquefaction pilot project that will generate revenue for Pétrolia, the company said.

The confirmation of the intention to invest is the first step in the Tugliq project to put in place an LNG distribution chain to replace the diesel used by Côte-Nord industries with natural gas. The Bourque project will also generate jobs and significant economic spinoffs for the Gaspé region, set to be the starting port for LNG shipping routes.

Tugliq’s capital participation would make it a partner in both gas distribution and extraction.

The $3.8 million investment from Ressources Québec will keep its participation in Pétrolia under the 20% share capital threshold.

Image: Pétrolia

Share this article

Follow LNG World News


<< Oct 2019 >>
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Budapest LNG Summit 2019

The Budapest LNG Summit is a niche event focused on the up and coming LNG region of Central & Eastern Europe (CEE).

read more >

5th CWC China LNG & Gas International Summit & Exhibition

5th CWC China LNG & Gas International Summit & Exhibition will return 16 – 17 October 2019, bringing together the key players…

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >