NorthWest LNG (PNW LNG) has announced that the necessary technical and commercial components of its proposed project have been satisfied. Subject to two conditions, PNW LNG is set to move forward with a positive Final Investment Decision.
The first condition is approval of the Project Development Agreement by the Legislative Assembly of British Columbia, and the second is a positive regulatory decision on Pacific NorthWest LNG’s environmental assessment by the Government of Canada. Once the above two outstanding foundational conditions have been resolved, the Final Investment Decision will be confirmed by the partners of PNW LNG.
“In parallel with work to support the Final Investment Decision, Pacific NorthWest LNG will continue constructive engagement with area First Nations, local communities, stakeholders and regulators,” said Michael Culbert, President of Pacific NorthWest LNG. “The integrated project is poised to create thousands of construction and operational careers in the midst of the current energy sector slowdown.”
Progress Energy Canada and the North Montney Joint Venture partners will continue to invest in its North Montney natural gas resources. With over CAN$2 billion invested annually, to date, the venture has proved and highlighted probable natural gas reserves of over 20 trillion ft3, representing approximately 4000 sustainable jobs in northeast British Columbia.
“A Final Investment Decision is a crucial step to ensure that the project stays on track to service contracted LNG customers,” Culbert continued. “Pacific NorthWest LNG is poised to make a substantial investment that will benefit Canada for generations to come.”
Edited from source by Callum O'Reilly
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