CNOOC subsidiary considers LNG development in British Columbia

CNOOC Ltd.’s wholly owned subsidiary Nexen Energy ULC has reached an agreement with British Columbia to examine the viability of building an LNG plant and export terminal at Grassy Point near Prince Rupert.

CNOOC said the agreement with British Columbia’s Ministry of Forests, Lands, and Natural Resource Operations gives Nexen and joint venture partners Inpex Corp. and JGC Corp. the ability to pursue long-term access to Crown land at Grassy Point.

“LNG export is the most attractive option for maximizing the value of our Canadian shale gas business,” stated Li Fanrong, CNOOC’s chief executive officer.

CNOOC said the decision on whether to proceed with development depends on several internal and external approvals, such as financial attractiveness, which consists of cost estimates, fiscal terms, and obtaining acceptably-priced sales agreements.

Nexen said it plans to conduct a site viability review, comprehensive environmental impact assessment, and stakeholder consultation.

CNOOC said on Nov. 12 it would buy an additional 40% of the BG Group-operated Queensland Curtis Island coal seam gas-LNG project for $1.93 billion, giving the company 50% interest total in Train 1 (OGJ Online, Nov. 12, 2013).

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