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.
Recommended Reading
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
California Resources Corp. Nominates Christian Kendall to Board of Directors
2024-03-21 - California Resources Corp. has nominated Christian Kendall, former president and CEO of Denbury, to serve on its board.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.