This announcement was made after President and CEO, Shamsul Azhar Abbas met with Premier Christy Clark and Minister of Natural Gas Development, Rich Coleman earlier in the week.
During this meeting, Petronas and the province agreed on clear milestones and action plans which would benefit both of them, as the company tries to support project competitiveness before undertaking a Final Investment Decision (FID) by mid-December.
Petronas also says they’re continuing to work with the federal government and its agencies to “advance the regulatory process and clarify the fiscal framework associated with this new industry in the country.”
“Petronas firmly believes on the urgent need for stakeholders to collaborate and come to an agreement, rather than act as opposing parties at the negotiation table,” the company said in a written statement.
Although, as stated above, the company also remains sceptical that they’ll have an FID in the time-frame they’ve set out, and still stands by their comment made earlier in the month, which stated that they may hold back on construction and wait for the next window of opportunity in 10 – 15 years.
According to Petronas, the last portfolio review found marginal economic viability and competitiveness, which they blame on additional corporate taxes and the high cost of environmental legislation.
“In order to remain competitive, Petronas needs to secure consensus on key principles vital to the success of this project by the end of October,” the statement also reads.
The short-list of perspective companies set to compete in B.C.’s LNG industry are Nexen, Imperial Oil/ExxonMobil, Woodside Petroleum of Australia, Korea’s SK E&S Shell, PetroChina, Chevron Canada, BG Group, and of course, Petronas.