May 14, 2019 / 8:00 PM / a year ago

Woodfibre targets 2023 start of British Columbia LNG export plant

 (Adds LNG vessel to pick up commissioning cargo)
    May 14 (Reuters) - Woodfibre LNG Ltd said Tuesday it plans
to move forward with construction of its proposed C$1.4-C$1.8
billion liquefied natural gas export terminal in British
Columbia later this year with the facility expected to be
operational by 2023:
    * That could make the Woodfibre plant the first LNG export
facility in Canada. There are 18 LNG export projects under
development in Canada, including Woodfibre, according to
government data from Natural Resources Canada.             
    * Royal Dutch Shell Plc         , meanwhile, made a final
investment decision to build its C$40 billion LNG Canada plant
in British Columbia in 2018. LNG Canada is expected to enter
service in 2024.             
    * Woodfibre said it is targeting a final investment decision
to build the project this summer.
    * Demand for natural gas, the cleanest of the fossil fuels,
is growing fast around the world as more countries use it to
meet increasing energy consumption and wean their power and
industrial sectors off dirty coal to cut pollution.
    * The Woodfibre project is owned by Singapore-based Royal
Golden Eagle's (RGE) Pacific Oil and Gas Ltd (PO&G) subsidiary.
    * PO&G agreed on Monday to buy Calgary-based Canbriam Energy
Inc, a privately-held exploration and production company with
properties in British Columbia.             
    * PO&G said in September that Woodfibre signed a preliminary
agreement, known as a head of agreement, with a unit of China
National Offshore Oil Corp or CNOOC for the potential offtake of
LNG starting in 2023.

 (Reporting by Scott DiSavino
Editing by Susan Thomas)
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