An extended, 40-year export license has been granted to the first Canadian liquefied natural gas (LNG) terminal project that has made it into construction on the Pacific Coast of British Columbia (BC).
The National Energy Board (NEB) awarded lengthening the permit by 15 years to Woodfibre LNG, owned by Singapore-based Pacific Oil and Gas Ltd., an arm of Indonesian conglomerate Royal Golden Eagle International.
The revised license authorizes total exports of 4.7 Tcf, LNG tanker cargos equivalent to 320 MMcf/d.
The project sought the extended export license as a security of supply enhancement that provides a competitive edge for landing long contracts on overseas markets.
Woodfibre has been designed as an economy-model venture compared to most of the 20 projects in the lineup to start exports from the BC coast.
Woodfibre, named after a prominent location in the most populated and affluent southwest coastal region of BC, is beginning its C$1.8 billion (US$1.4 billion) terminal with environmental preparation work on its site, a former forest products mill near Vancouver.
Construction is scheduled to start this year.