Thursday July 27, 2017
LNG Plans Stopped in Its tracks
Petronas cites low prices for dropping terminal plan
Petronas/Wiki Prince Edward photo
ETRONAS and its partners have decided not to proceed with the Pacific NorthWest LNG project at Port Edward in British Columbia, Canada.
The decision was made after a careful and total review of the project amid changes in market conditions.
PETRONAS’ Executive Vice President & Chief Executive Officer Upstream, Anuar Taib 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.”
“We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward,” added Anuar.
"PETRONAS’ commitment in Canada continues through Progress Energy Canada Ltd and its world-class inventory of natural gas resources where the subsidiary plays a key role in supporting PETRONAS’ growth strategy in North America."
"PETRONAS and the project’s partners are thankful for the support received from everyone involved, especially the area First Nations, the District of Port Edward, the City of Prince Rupert and their communities for their invaluable involvement and efforts in the project."
It's unknown if the The Malaysian-owned Kinder Morgan has any other property on the BC coast but said say they plan to "move on to other assets in BC."
PETRONAS (Petroliam Nasional Berhad) is Malaysia’s fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500®. Established in 1974, PETRONAS now has a presence in more than 65 countries and operates among the top oil and gas companies in the world.
Steadily driving new solutions and pushing boundaries, we add value to oil and gas resources in a manner that carefully balances commercial, environmental and social considerations.