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CNOOC may export Canadian LNG
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CNOOC Ltd, China’s dominant offshore oil and gas producer, is considering building a liquefied natural gas plant and terminal to export the fuel from Canada’s Pacific coast to Asia.
Nexen Energy, CNOOC’s wholly owned Canadian unit which it bought for US$15.1 billion earlier this year, has been awarded exclusive rights by the provincial government of British Columbia to proceed with the proposed project with two Japanese partners, CNOOC said yesterday.
The Aurora LNG project at Grassy Point, near the port city of Prince Rupert, is one of at least 10 proposed LNG plants on Canada’s western coast. The Canadian government aims to transform the region into a major hub for LNG exports to challenge existing LNG hubs such as Australia and the Middle East.
“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 said the project will proceed if the joint venture partners are satisfied with its financial attractiveness, which depends on construction costs, fiscal terms offered by the local government, and success in obtaining “acceptably priced” sales agreements.
CNOOC owns 60 percent of Aurora while Japan’s Inpex Corp and JGC Corp split the remaining 40 percent.
CNOOC’s acquisition of Nexen is China’s largest overseas investment takeover.
Canada is eying the Asian markets where consumers pay a premium over prices amid surging demand.
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