LNG decisions still to be made on Canada: Petronas

Credit: B.C. LNG Conference

FORT ST. JOHN, B.C. – In a recent interview with The Edge Markets, Board President of Petronas says they are waiting on numerous factors before proceeding with LNG in Canada.

He says there are a lot of reports to be seen and decisions to be made.

“First of all, we are just a partner in that venture … we are the majority partner but there are other partners. Today, what we are waiting for is an environmental report. So, once we receive this final report — we have seen the draft — we will know exactly the conditions that are being imposed.

When conditions are imposed, they could have a bearing on the cost of the project, so we will take another look at the economics and the overall project again. We will make a decision once we see the impact on the schedule, costs, the markets and how we anticipate the markets to be.”

You can read the full article from the Edge Markets here.

He then goes on to say that they have many resources in Canada, and that the process has already started so there is no ‘walking away’. He also says they are just referring to the LNG plant at this point. They want to decide if the current plan is enough, or if they need to find other ways to go about it.

“Canada is not a mistake. The resources are long-term assets. Being a large integrated oil company, we need an organisation that is sustainable in the long term. We are a big gas player and we need reserves to continue being a big player. I’m very bullish on the LNG market and [because of the impact of climate change] it will be the preferred fuel of the future.”