Woodfibre LNG on Friday said its parent company Pacific Oil & Gas Limited, part of the Singapore-based RGE group of companies, has made the final investment decision for the project.
Woodfibre LNG is proposing to build a new 2.1 mtpa liquefied natural gas processing and export facility using electric drive at the former Woodfibre pulp mill near Squamish, the statement reads.
The authorization of the funds necessary for the project to proceed follows the government of British Columbia’s climate leadership plan initiative, which encourages the use of electricity in the natural gas industry in BC.
Electricity from BC Hydro is more than 90 percent clean renewable energy and can help create the cleanest LNG in the world, Woodfibre LNG said.
Pending permitting, construction for the Woodfibre LNG project could begin in 2017, with operation in 2020.
The FID also comes after decisions by the project leadership to award front-end engineering design (FEED) contracts to KBR and JGC .
It was also reported at the end of last month that Woodfibre LNG processing facility will be using the air cooling technology to chill the liquefied natural gas following a vote by the Squamish Nation Chiefs and Council.
LNG World News Staff