PetroleumBRUNEI to Buy Stake in Pacific NorthWest LNG (Canada)

Progress Energy Canada, Pacific NorthWest LNG and Petroliam Nasional Berhad (PETRONAS) have signed transaction agreements whereby PetroleumBRUNEI, through its affiliates, will acquire a 3 percent interest in Progress Energy Canada’s natural gas assets in northeast British Columbia and in the proposed Pacific NorthWest LNG export facility on Canada’s West Coast, in the District of Port Edward.

As part of the transaction, PetroleumBRUNEI has agreed to buy a 3 percent share of the liquefied natural gas facility’s production for a minimum period of 20 years.

The agreement builds upon the previously announced 10 percent partnership with JAPEX Montney Ltd announced in April, 2013.

“This brings another strong partner and investor to our Canadian LNG business and is further evidence of Asia’s burgeoning interest in securing British Columbia natural gas. We are continuing to develop our world-class Montney reserves to supply Pacific Rim consumers and expand Canadian energy trade. We look forward to adding additional partners in 2014 – a vital year for confirming the economics of our energy export initiative and helping lead Canada into the global LNG market,” said Michael Culbert, President & CEO of Progress Energy Canada.

“We are pleased to welcome PetroleumBRUNEI as another important partner in our proposed LNG facility,” said Greg Kist, President of Pacific NorthWest LNG. “British Columbia’s abundance of natural gas, strategic location and proximity to Asian markets makes our LNG project attractive for international investment.”

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LNG World News Staff, December 09, 2013; Image: Pacific NorthWest LNG