Malaysia's energy company remains committed to developing its gas assets in Canada
VANCOUVER, July 25, 2017 /CNW/ - PETRONAS 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.
Group Strategic Communications
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.
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 (NMJV)
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.
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