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CNOOC may build terminal in Canada to export LNG to Asia
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CNOOC Ltd, China's dominant offshore oil producer, is considering building a liquefied natural gas plant and terminal to export the fuel from Canada's Pacific coast bound for Asia.
Nexen Energy, CNOOC's wholly owned Canadian unit, has been awarded exclusive rights by the government of British Columbia, Canada to proceed with the proposed LNG project with two Japanese joint venture partners, CNOOC said in a statement today.
The project, known as Aurora LNG, is one of at least 10 proposed LNG plants on Canada's western coast as British Columbia seeks to export its surplus natural gas to Asian markets, where consumers pay a premium over prices in North America to import the cleaner-burning fuel amid surging demand.
"LNG export is the most attractive option for maximizing the value of our Canadian shale gas business," CNOOC Chief Executive Li Fanrong said in a statement. "With robust financial capacity, a track record of efficient, innovative and responsible development and significant LNG expertise, Nexen and our joint venture partners are well positioned to pursue this opportunity."
CNOOC acquired Nexen for US$15.1 billion earlier this year, in China's largest overseas investment acquisition.
CNOOC owns 60 percent of Aurora while Japan's INPEX Corp and JGC Corp split the remaining 40 percent.
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