Enbridge takes stake in Canadian LNG project
Enbridge takes stake in Canadian LNG project
VANCOUVER, August 1, 2022 – Enbridge and integrated energy company Pacific Energy have signed an agreement to jointly invest in the construction and operation of the Woodfibre LNG project in British Columbia, Canada, the Canadian pipeline company announced on Friday.
Enbridge will take a 30% stake in the USD 5.1 billion project, with Pacific Energy holding the remaining shares.
The Woodfibre LNG facility will be located in Squamish, British Colombia, and have the capacity to produce 2.1 million tonnes of LNG per year. The project includes expansion of FortisBC Energy’s pipeline that will connect the plant to Enbridge’s T-South gas transmission system.
McDermott was given a notice to proceed for engineering, fabrication and construction works on the asset in April 2022. The facility is expected to be commissioned in 2027.
The project is underpinned by two 15-year offtake agreements with BP, which represent 70% of its capacity.
The facility will use electric motor drives powered from hydroelectric sources. It is the first development in Canada with a non-treaty, indigenous-issued environmental assessment certificate.
All necessary government approvals have been given for development.
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