Canada has approved a 40-year export license for the proposed Woodfibre LNG export project in Squamish, British Columbia.
The announcement was made by Natural Resources Minister Jim Carr.
“We know there is tremendous demand for natural gas, especially in the fast-growing countries of Asia. The approval of Woodfibre LNG’s 40-year export licence provides certainty for investors while creating jobs for Canadians as the world moves toward a low-carbon future,” Carr said.
The National Energy Board (NEB) announced in April that it had granted the 40-year export license to the Woodfibre LNG project, subject to a Governor in Council approval.
The LNG export project received a 25 license to export about 2.1 million tonnes of LNG per year in December 2013. However, amendments to the National Energy Board Act Part VI Regulations in 2015 increased the maximum term to 40 years, Woodfibre LNG Limited
However, amendments to the National Energy Board Act Part VI Regulations in 2015 increased the maximum term to 40 years, Woodfibre LNG Limited, the project developer said in a statement.
The Woodfibre LNG project is located approximately 7 km west-southwest of Squamish-
Pacific Oil & Gas Limited, part of the Singapore-based RGE group of companies, the parent company of Woodfibre LNG reached the final investment decision for the project in November last year.
The project involves construction and operation of an LNG export facility on the previous Woodfibre pulp mill site, which would have a storage capacity of 250,000-cbm.