Petronas aborts Canada LNG project

PETALING JAYA: Petroliam Nasional Bhd (Petronas) and its partners have decided to abort the Pacific NorthWest LNG project in Canada, citing challenging market conditions due to prolonged depressed prices.
The group said in a statement today that the decision to not proceed with the project at Port Edward in British Columbia was made after a careful and total review of the project amid changes in market conditions.
“We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” said Petronas executive vice president and CEO of upstream Annuar Taib.
“We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward,” he said.
Petronas’ commitment in Canada continues through Progress Energy Canada Ltd and its inventory of natural gas resources where the subsidiary plays a key role in supporting Petronas’ growth strategy in North America.