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Woodfibre LNG to proceed with $1.6 billion project

21/08/2019
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Woodfibre LNG, a subsidiary of Singapore’s Pacific Oil & Gas Ltd. is currently finalising the engineering, procurement and construction contract for their $1.6 billion LNG export facility in Squamish, British Columbia.

Woodfibre's $1.6 billion LNG project will begin construction in a few weeks
(Image via Woodfibre LNG)

This will become the second LNG export project to break ground on Canada’s West Coast, with the contracts expected to be signed by the end of the summer.

“Our senior management, our chairman (Sukanto Tanoto), has been actively involved and once we sign our EPC contract then the next phase is moving into active construction,” said David Keane, President of Woodfibre.

“Before we can proceed, we have to sign the contract, so we are hoping to have a final investment decision at the end of the summer or shortly thereafter.”

The remaining contracts will tie up final details for the project, which has already finalised an impact-benefits agreement with the Squamish First Nation, received permits from the B.C. Oil & Gas Commission and received permissions from the federal government to avoid punitive steel tariffs. 

When completed, the facility will export 2.1 million tonnes of LNG per year to the Asian Market - the company are currently negotiating with China National Offshore Oil Corp (CNOOC) and an unnamed Japanese utility company.

It’s expected to use gas from the Canbriam Energy upstream facility, which was bought by Pacific Oil & Gas last May, and produces 200 million cubic feet of natural gas per day and 6,000 barrels per day of associated gas liquids.

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Woodfibre LNG to proceed with $1.6 billion project - Time to read 2 min
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