KUALA LUMPUR — September 28, 2016: Petronas will have a review of the liquefied natural gas (LNG) plant project in northern British Columbia after studying the conditions in the approval from the Canadian government which was announced this morning.
The national oil company’s President and Group Chief Executive Officer Datuk Wan Zulkiflee Wan Ariffin has confirmed receiving the report but has not studied it.
“We need time to look at the conditions and then we will have a review of the project,” Wan Zulkiflee told reporters at the third Malaysian Oil and Gas Services Exhibition and Conference here.
Petronas and its partners have awaited approval from Canada for three years to build the Pacific NorthWest LNG export terminal in northern British Columbia.
Its partners are the Brunei National Petroleum Co., China Petroleum & Chemical Corp, Indian Oil Corp and Japan Petroleum Exploration Co.
The president of the Malaysian Oil and Gas Services Council, Sharifah Zaida Nurlisha, said the industry had witnessed one of the worst downturns in 30 years and the negative outlook was expected to continue next year.
On the bright side, the local industry is better positioned to face the economic uncertainty, having built competency and capacity over the years, compared with 1998 when oil prices dropped below US$10 per barrel.
The current situation has created a stronger impetus for industry players to take measures that will strengthen their operations and create resilience against future volatility and unexpected industry developments. — Bernama