Imperial Oil: Not Close to WCC LNG Project Decision

Imperial Oil of Canada said it is not even close to deciding on whether it will build an LNG terminal it is planning with ExxonMobil on the west coast of British Columbia.

“What you’re seeing from us … is bits and pieces of moving a project forward,” Reuters cited Rich Kruger, chief executive officer of Imperial Oil as saying.

“But there’s not a project until all those pieces come together. LNG projects by their nature take time,” he added.

Kruger said that the company and Exxon, which has a 69.6 percent stake in Imperial Oil, are laying the groundwork for the WCC LNG project, firming up the size of their available natural gas resources, finding customers, looking at transportation options and waiting for clear fiscal and regulatory rules that will govern the LNG project.

Canada’s NEB approved the WCC LNG project in December to export up to 30 million tonnes of LNG per year for 25 years.

A number of prospective sites for a natural gas liquefaction plant and LNG storage and marine loading facilities are under assessment, and include locations in the vicinity of either the Kitimat or Prince Rupert areas of British Columbia.