The ECOreport reposts the corporation’s explanation for ending British Columbia’s most controversial LNG project, Petronas Pulls Out
Press Release from Pacific NorthWest LNG
VANCOUVER, July 25, 2017 /CNW/ – Pacific NorthWest LNG (PNW LNG) today announced that the LNG project in Port Edward, British Columbia will not proceed as previously planned.
Petronas Pulls Out
The decision was made by PETRONAS and its partners after a careful and total review of the project amid changes in market conditions.
Anuar Taib, Chairman of the PNW LNG Board, said: “We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision.”
“PETRONAS and its North Montney Joint Venture partners remain committed to developing their significant natural gas assets in Canada and will continue to explore all options as part of its long-term investment strategy moving forward,” added Anuar.
President and CEO of PNW LNG Adnan Zainal Abidin said: “On behalf of the entire PNW LNG team, I would like to thank everyone who has supported the project. I also want to thank everyone who contributed towards the development of this project and its comprehensive environmental assessments. In particular, I want to recognize the area First Nations, the District of Port Edward, the City of Prince Rupert, and their communities for their invaluable support and involvement in the project. I would also like to acknowledge the Pacific NorthWest LNG project team for all of their dedication and hard work.”
“Without everyone’s support and involvement, we would not have achieved the many key milestones for the project, including agreements with the area First Nations, the BC environmental assessment certificate and the Canadian environmental assessment approval,” added Adnan.
About Pacific NorthWest LNG
Pacific NorthWest LNG was a liquefied natural gas export facility proposed to be situated on Lelu Island in the District of Port Edward, in northwest British Columbia. Pacific NorthWest LNG is majority-owned by PETRONAS. Japan Petroleum Export Corporation (JAPEX), PetroleumBRUNEI, IndianOil Corporation (IOC) and Sinopec-China Huadian who are also partners in Pacific NorthWest LNG and its associated natural gas supply.
About the North Montney Joint Venture
The North Montney Joint Venture is a joint venture between Progress Energy Canada Ltd, Japan Petroleum Export Corporation (JAPEX), PetroleumBRUNEI, IndianOil Corporation (IOC) and Sinopec-China Huadian to develop the resources in the North Montney formation located along the foothills of the Rocky Mountains in northeast British Columbia. Progress, a wholly owned subsidiary of PETRONAS, is the operator of the joint venture, which has approximately 800,000 acres of largely contiguous mineral rights in the North Montney with more than 52 trillion cubic feet of reserves and contingent resources, and over 15,000 identified drilling locations. Total gas initially in place is over 200 tcf of high-quality, low-cost unconventional gas and liquids.
Photo Credit: Lelu Island Courtesy Skeena Watershed Conservation Coalition