Pacific Northwest LNG megaproject not going ahead

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The long-anticipated decision by Petronas delivers a major blow to plans pushed by the previous Liberal-led government of British Columbia to develop an LNG industry in the Pacific Coast province for export to Asia.

"We respect the company's decision and will now move on to support the prospects of British Columbia's natural gas sector to create good-paying jobs right here in British Columbia", she said, adding that B.C. would continue to be "a player in the LNG market".

Pacific NorthWest LNG, a multi-billion dollar project, is majority-owned by Petronas, while Japan Petroleum Export Corporation, PetroleumBrunei, IndianOil Corporation and Sinopec-China Huadian are also partners.

"For nearly five years we have been working with local governments, First Nations, residents and businesses about our proposed project and are very grateful for the support we have received", says Pacific NorthWest LNG.

The proposed project was to build an LNG export facility on Lelu Island in the district of Port Edward, in northwest B.C.

The company's announcement came just five days after the project hit an unexpected hurdle: a local Prince Rupert citizen's court victory against the project forced the proponent to seek National Energy Board approval, not just the province's environmental green light. Ltd. buys a 10 per cent stake in Pacific NorthWest LNG and agrees to buy 10 per cent of the liquefied natural gas produced over at least 20 years, becoming the first secure buyer. Without demand from an LNG facility, low gas prices in the region are expected to persist, analysts said.

According to Hughes, LNG developers in British Columbia would need a price of at least $9 mmBtu to pay for the cost of liquefying, shipping, and re-gasifying the methane.

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Pacific Northwest LNG (PNW LNG) has announced they won't be moving forward with a proposed LNG project on Lelu Island following a decision by their investment partners.

The company's withdrawal underscores the cash revenue plight of global oil producers as well as the volatility of LNG prices.

The federal government had conditionally approved the project last fall with 190 legally binding conditions.

They warned, as did many First Nations, that the project as proposed would destroy valuable salmon habitat and industrialize the mouth of the Skeena River.

Mungall denied that the decision was related to B.C.'s new NDP government's position on LNG projects.

The significant gas assets Taib referred to are its holdings in the Montney of northeastern B.C., which were acquired when Petronas acquired Alberta's Progress Energy.

"We are deeply disappointed that PNW will not go forward, as it means thousands of construction jobs will not materialize", said ICBA president Chris Gardner.

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