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Reuters: BG Group Plc delays LNG export terminal for at least a decade

“We’d always said (construction would begin) as early as 2016, but we now recognize it’ll likely be later, with commercial operations likely beginning early in the next decade,” BG Canada President Madeline Whitaker said in an interview with the Journal.

Kim Blomley, a spokesman for BG Group, has yet to confirm if the project had moved into the next decade, but instead referred to comments by interim Executive Chairman Andrew Gould.

“We’re pausing on Prince Rupert to see how the market evolves particularly in function of total supply that will come out of the U.S.,” Gould told Reuters.

“We will continue to work on the project but not at the same rhythm as perhaps we were working in 2014.”

Canada’s National Energy Board granted LNG export permits to four planned projects on the Pacific coast in December last year, including BG Group’s Prince Rupert project.

Whitaker said the delay resulted from shifting market conditions, including a flood of LNG expected to hit global markets from places such as the United States, where BG has agreements to market gas from two LNG facilities.

BG Group, Britain’s third-largest energy company, reported a worse-than-expected 26 per cent fall in third-quarter operating profit, primarily due to a substantial decline of production in Egypt and a sharp drop in oil prices.

© Thomson Reuters 2014


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