The agreement will give Indian Oil the right to 1.2 million, metric tons of LNG per year for two decades.
It also gives them access to at least 8.35 trillion cubic feet of gas reserves in B.C fields controlled by Petronas, this according to Indian Oil.
Petronas acquired control of the project through a $5.2 billion takeover of Canada Progress Energy in 2012,
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This makes it the second biggest shareholder in B.C’s Montney shale-gas area.
Petronas plans to sell another 15% stake in the project to another Asian LNG purchaser.
This is expected to be announced by the end of the month.