Pacific Northwest LNG megaproject not going ahead
VANCOUVER — Petronas and its partners have cancelled the $36-billion Pacific NorthWest liquefied natural gas megaproject they had planned to build in British Columbia.
Anuar Taib, chief executive of Petronas’s oil and gas production division, said Tuesday the decision to scrap the project came after a careful review of changes in market conditions.
“We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision,” Taib said in a statement.
LNG prices have been hit by a global oversupply as numerous projects have come online, challenging the economics of the project and others that have been proposed in the province.