Woodfibre LNG Ltd said May 14 it plans to move forward with construction of its proposed C$1.4-C$1.8 billion LNG export terminal in British Columbia later this year with the facility expected to be operational by 2023.
That could make the Woodfibre plant the first LNG export facility in Canada. There are 18 LNG export projects under development in Canada, including Woodfibre, according to government data from Natural Resources Canada.
Royal Dutch Shell Plc, meanwhile, made a final investment decision to build its C$40 billion LNG Canada plant in British Columbia in 2018. LNG Canada is expected to enter service in 2024.
Woodfibre said it is targeting a final investment decision to build the project this summer.
Demand for natural gas, the cleanest of the fossil fuels, is growing fast around the world as more countries use it to meet increasing energy consumption and wean their power and industrial sectors off dirty coal to cut pollution.
The Woodfibre project is owned by Singapore-based Royal Golden Eagle's (RGE) Pacific Oil and Gas Ltd (PO&G) subsidiary.
PO&G agreed on May 13 to buy Calgary-based Canbriam Energy Inc., a privately held exploration and production company with properties in British Columbia.
PO&G said in September that Woodfibre signed a preliminary agreement, known as a head of agreement, with a unit of China National Offshore Oil Corp or CNOOC for the potential offtake of LNG starting in 2023.
The acquisition of QEP’s foothold in the Williston Basin by Vantage Energy, a SPAC formed by NGP and industry veteran Roger Biemans, is set to create a Bakken pure-play operator.
CEO David Stover said the sale enables Noble to further focus on its highest-return areas, including the Delaware Basin.
EnergyNet has been retained to handle the transactions.