Conditional Final Investment Decision for Pacific NorthWest LNG Project in British Columbia, Canada
Japan Petroleum Exploration Co., Ltd. ("JAPEX") has been participating, through our Canadian subsidiary, JAPEX Montney Ltd, in the Pacific NorthWest LNG Project ("Project") in North Montney, British Columbia, Canada undertaken by Progress Energy Canada Ltd. ("PECL") and Pacific NorthWest LNG ("PNW LNG"), which are both the subsidiaries of Petroliam Nasional Berhad ("PETRONAS").
PNWL have been in intensive discussions to prepare for Final Investment Decision for the Project and concluded that the required technical and commercial components under direct control of the Project have been satisfied.
We are pleased to announce that on June 11, 2015 PNW LNG resolved to move forward with a Final Investment Decision with two conditions.
The Final Investment Decision will be confirmed by the partners of PNW LNG once two outstanding components have been achieved. The first condition is approval of the Project Development Agreement by the Legislative Assembly of British Columbia, and the second is a regulatory decision on PNW LNG's environmental assessment by the Government of Canada.
PECL and its partners will continue to invest in its North Montney natural gas resources. The investment to date (which represents approximately an investment of $2 billion-plus annually) has resulted in proved and probable natural gas reserves of approximately 20 trillion cubic feet, which is sufficient for the Project.
With the successful implementation of this LNG project, JAPEX will be able to secure long-term natural gas import from Canada to Japan. JAPEX will continue its efforts to further develop domestic natural gas infrastructure (including the Soma LNG receiving terminal and related pipeline projects, which are currently under construction) to ensure the continuation of a robust and reliable natural gas supply system in Japan.
Please note that the information in the news is as of the announcement date and may be subject to change without notice.
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