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LNG Canada on track for final approval this year

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LNG Industry,

Reuters are reporting that the LNG Canada LNG project is on track for a final investment decision (FID) later this year, an official for the province of British Columbia said on 22 March.

The British Columbia-based project led by Anglo-Dutch Royal Dutch Shell in partnership with PetroChina, South Korea's KOGAS and Japan'sMitsubishi Corp has an estimated development cost of CAN$40 billion (US$31.03 billion).

With oil and gas prices recovering significantly since then, energy companies are looking to spend more on future production.

LNG Canada will initially have two LNG processing units, with a capacity to produce 6.5 million tpy each.

Shell had reached agreements with a majority of local residents, including the indigenous communities of the First Nations.

There was progress at the much-smaller Woodfibre LNG project, developed by Singapore-based Pacific Oil and Gas.

The Vancouver-based facility plans to export 2.1 million tpy of LNG, with development costs expected to touch around CAN$1.6 billion (US$1.24 billion).

Backed by Pacific Oil & Gas and its private Singapore-based parent RGE Group, Woodfibre LNG is an often overlooked front-runner in the race to build Canada's first LNG export terminal.

RGE Group is owned by Indonesian businessman Sukanto Tanoto.

China'sGuangzhou Gas is a key potential LNG taker, having agreed to buy 1 million tpy for 25 years.

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