PETRONAS and Progress Energy Resources Announce Canadian LNG Growth Plans
PETRONAS and Progress Energy Resources Corp. (Progress) issued a statement welcoming the Canadian government’s recent approval of the acquisition of Progress by PETRONAS Carigali Canada Ltd. The companies stated that their growth plans include three major Canadian investment components: the construction of the Pacific Northwest LNG export facility on Lelu Island in the District of Port Edward, near Prince Rupert; the continued upstream development of natural gas production in the Montney region of northeast British Columbia and northwest Alberta; and the eventual installation of a gas pipeline, built by a third-party pipeline company, to move natural gas from the production fields to the LNG export facility. A final investment decision for the Pacific Northwest LNG project is expected in late 2014, followed by the first LNG exports in 2018.