Economy

Nexen scraps Aurora LNG feasibility study

Nexen scraps Aurora LNG feasibility study”

Aurora LNG has backed out of a plan with Calgary-based Nexen to build a Liquefied Natural Gas plant in northwestern B.C., saying the current economy doesn't support its vision for a large operation on Digby Island.

China's CNOOC Ltd said it will end the feasibility study for its (LNG) export terminal on British Columbia's coast due to low global commodity prices, in the latest setback for Canada's energy industry. She said the decision would result in "some impacts to our workforce over the coming months" but reductions would be minimal. They pegged construction costs at $28 billion, with up to 600 jobs potentially created throughout the project's lifespan. The announcement comes on the heels of Petronas ending its Pacific NorthWest LNG project on Lelu Island in Port Edward on July 25, which also cited market conditions as to why it would not proceed.

There have been more than 20 British Columbia LNG ventures pitched in recent years.

Meanwhile, he said new LNG projects under construction in places such as the United States, Australia and Russian Federation are expected to add 14.6 billion cubic feet per day of capacity by 2020 to the current capacity of just under 50 bcf/d.

The project was proposed to handle 24 million metric tonnes of LNG per year, and had received its licence from the National Energy Board in October 2014. Its environmental review had resumed in June after being halted in the spring so Nexen could respond to some 1,168 submissions on the project sent to the B.C. Environmental Assessment Office.

The decision followed the scrapping of another LNG terminal on Canada's west coast by Royal Dutch Shell PLC's and the sale of around $23 billion in oil sands assets by worldwide firms.

Like Petronas, CNOOC says the Aurora partners will continue to produce natural gas from their Horn River wells in northeastern B.C. while monitoring the North American market to evaluate future investments.



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