The Pacific NorthWest LNG project took a major step forward today, as the company announced it is moving forward with a final investment decision.
In a release, the company says it is moving foward on two conditions, namely approvals by both the provincial government, and the Canadian Environmental Assessment Agency.
President of the company, Michael Culbert, says the company will continue to work with First Nations groups as it moves ahead, along with local communities and regulators.
“A final investment decision is a crucial step to ensure that the project stays on track to service contracted LNG customers,” Culbert said in a release.
“Pacific NorthWest LNG is poised to make a substantial investment that will benefit Canada for generations to come.”
The Pacific NorthWest LNG terminal will liquefy natural gas from northeast BC for export. The terminal is and is proposed for Lelu Island within the District of Port Edward.
The company says Progress Energy Canada and the North Montney Joint Venture partners will “continue to invest in its North Montney natural gas resources.”
The company says there is natural gas reserves of more than 20 trillion cubic feet in the region.
The project has already received an environmental certificate from the BC government.
The federal review has been underway since April 2013, with a decision on the project expected later this year.
The company still needs to meet a number of requirements needed by the Canadian Environmental Assessment Agency as part of its review.
More details to come.