Petronas Backed Canadian LNG Project Announces Conditional FID

Pacific NorthWest LNG (PNW LNG) announced Thursday conditional final investment decision (FID) regarding the project.

The required technical and commercial components of the project have been satisfied, consequently, PNW LNG has resolved to move forward with a positive FID, subject to two conditions.

The first condition is approval of the project development agreement by the legislative assembly of British Columbia, and the second is a positive regulatory decision on Pacific NorthWest LNG’s environmental assessment by the Government of Canada.

“In parallel with work to support the final investment decision, Pacific NorthWest LNG will continue constructive engagement with area First Nations, local communities, stakeholders and regulators,” said Michael Culbert, President of Pacific NorthWest LNG.

Progress Energy Canada and the North Montney joint venture partners will continue to invest in its North Montney natural gas resources.

“A final investment decision is a crucial step to ensure that the project stays on track to service contracted LNG customers,” Culbert continued. “Pacific NorthWest LNG is poised to make a substantial investment that will benefit Canada for generations to come.”

Petronas is the majority owner of Pacific NorthWest LNG with minority partners being Indian Oil Corp, Sinopec, Japex and PetroleumBrunei.