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PETRONAS and Progress Energy Resources Announce Canadian LNG Growth Plans

PETRONAS and Progress Energy Resources Corp. (Progress) issued a statement welcoming the Canadian government's recent approval of the acquisition of Progress by PETRONAS Carigali Canada Ltd. The companies stated that their growth plans include three majo
December 10, 2012

PETRONAS and Progress Energy Resources Corp. (Progress) issued a statement welcoming the Canadian government's recent approval of the acquisition of Progress by PETRONAS Carigali Canada Ltd. The companies stated that their growth plans include three major Canadian investment components: the construction of the Pacific Northwest LNG export facility on Lelu Island in the District of Port Edward, near Prince Rupert; the continued upstream development of natural gas production in the Montney region of northeast British Columbia and northwest Alberta; and the eventual installation of a gas pipeline, built by a third-party pipeline company, to move natural gas from the production fields to the LNG export facility. A final investment decision for the Pacific Northwest LNG project is expected in late 2014, followed by the first LNG exports in 2018.

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