CALGARY, Dec. 8, 2013 /CNW/ - Progress Energy Canada Ltd., Pacific
NorthWest LNG Ltd. and Petroliam Nasional Berhad (PETRONAS) have signed
transaction agreements whereby PetroleumBRUNEI, through its affiliates,
will acquire a 3 percent interest in Progress Energy Canada's natural
gas assets in northeast British Columbia and in the proposed Pacific
NorthWest LNG export facility on Canada's West Coast, in the District
of Port Edward. As part of the transaction, PetroleumBRUNEI has agreed
to buy a 3 percent share of the liquefied natural gas (LNG) facility's
production for a minimum period of 20 years.
The agreement builds upon the previously announced 10 percent
partnership with JAPEX Montney Ltd announced in April, 2013.
"This brings another strong partner and investor to our Canadian LNG
business and is further evidence of Asia's burgeoning interest in
securing British Columbia natural gas. We are continuing to develop our
world-class Montney reserves to supply Pacific Rim consumers and expand
Canadian energy trade. We look forward to adding additional partners in
2014 - a vital year for confirming the economics of our energy export
initiative and helping lead Canada into the global LNG market," said
Michael Culbert, President & CEO of Progress Energy Canada.
"We are pleased to welcome PetroleumBRUNEI as another important partner
in our proposed LNG facility," said Greg Kist, President of Pacific
NorthWest LNG. "British Columbia's abundance of natural gas, strategic
location and proximity to Asian markets makes our LNG project
attractive for international investment."
About Progress Energy Canada
Progress Energy Canada, a leader in Canadian natural gas development, is
building upon its history of performance excellence in North America to
pioneer new infrastructure for delivering LNG to Pacific Rim markets.
Producing more than 350 million cubic feet equivalent of natural gas
per day in northeast British Columbia and northwest Alberta, Progress
is serving Canadian markets and ambitiously expanding productive
capacity on its large Montney land holdings in preparation for the
opening of new LNG markets in Asia. Progress is wholly owned by
PETRONAS of Malaysia, a global leader in LNG and the principal owner of
Vancouver-based Pacific NorthWest LNG Ltd. Progress and Pacific
NorthWest LNG are helping craft a bright new future for Canada's energy
About Pacific NorthWest LNG
Pacific NorthWest LNG is planning to build a world-scale LNG export
facility on Canada's West Coast at Lelu Island near Prince Rupert,
British Columbia. The proposed facility will comprise an initial
development of two LNG trains of approximately 6 million tonnes per
annum (MTPA) each and a subsequent development of a third train of
approximately 6 MTPA. The proposed facility would liquefy and export
natural gas produced by Progress Energy Canada in northeastern British
Columbia. Pacific NorthWest LNG is committed to generating new economic
and social benefits for the local community and First Nations, British
Columbia and Canada in an environmentally safe and sustainable manner.
Pacific NorthWest LNG is principally owned by PETRONAS of Malaysia.
Bank of America Merrill Lynch acted as financial advisor and Norton Rose
Calgary acted as legal advisor to PETRONAS in connection with the
SOURCE: Progress Energy Canada Ltd.
For further information:
Vice-President, Corporate Relations and Land
Progress Energy Canada Ltd.
Senior Advisor, Corporate Affairs
Pacific NorthWest LNG