Petronas-led Pacific NorthWest LNG project informed that it has resolved to move forward with a positive final investment decision as the required technical and commercial components of the project have been satisfied.
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 Government of Canada, the project said in a statement.
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 trillion cubic feet with $2 billion-plus invested annually, representing approximately 4,000 sustainable jobs in northeast British Columbia, the statement said.
Pacific NorthWest LNG is planning to build an $11 billion LNG export facility on Lelu Island in the District of Port Edward, British Columbia.
The proposed facility will comprise an initial development of two LNG trains of approximately 6 million tonnes per annum each, and a subsequent development of a third train of approximately 6 mtpa.
Petronas, Sinopec, JAPEX, Indian Oil Corporation and PetroleumBRUNEI are all shareholders in Pacific NorthWest LNG and the associated natural gas supply.
LNG World News Staff; Image: Pacific Northwest LNG