Woodfibre LNG Export and CNOOC Sign LNG Agreement

September 30, 2018

(BEIJING)  — Pacific Oil & Gas Limited (PO&G) has announced that on September 29, 2018 its subsidiary Woodfibre LNG Export Pte Ltd. (Woodfibre LNG Export) signed a Heads of Agreement (HoA) with CNOOC Gas and Power Trading & Marketing Limited, a wholly-owned subsidiary of CNOOC Gas and Power Group Ltd., concerning the potential offtake of 0.75 mmtpa of liquefied natural gas (LNG) for 13 years starting in 2023. 

Woodfibre LNG Export Pte. Ltd. is the Singapore-affiliate of Woodfibre LNG Limited (Woodfibre LNG) in Vancouver, British Columbia, Canada. Woodfibre LNG is the owner of the Woodfibre LNG Project, which is a planned LNG processing and export facility at the former Woodfibre pulp mill site, about seven kilometres southwest of Squamish, British Columbia.

The Woodfibre LNG Project has a storage capacity of 250,000 m3 and is licensed to export approximately 2.1 million tonnes of LNG per year for 40 years. 

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Quote

Ratnesh Bedi, President of Pacific Oil & Gas Limited (PO&G)

“Natural gas is recognized around the world for its role in a low carbon energy future and we are proud to have an opportunity, even in a small way, to be part of this energy transition.”

Background

About Woodfibre LNG Export Pte Ltd.

Woodfibre LNG Export Pte Ltd. is a subsidiary of Pacific Oil & Gas (PO&G), an independent energy resources development company and part of the Singapore-based Royal Golden Eagle (RGE) group of companies. PO&G business includes major investments throughout the energy supply chain, including oil and gas developments, power plants and gas transmission networks, LNG receiving terminals, and the Woodfibre LNG Project in Squamish, British Columbia, Canada.

About CNOOC Gas & Power Group Ltd.

CNOOC Gas & Power Group Ltd. is the first and largest LNG importer in China. CNOOC Gas & Power Group Ltd. has constructed and started nine LNG receiving terminals in China, and imported more than 20 million tonnes of LNG in 2017.