collected by :John Locas
Royal Dutch Shell PLC has officially shelved its plans to build the Prince Rupert LNG project, which had been planned for Ridley Island in British Columbia.
Shell said the proposed Prince Rupert LNG project was in the assessment phase, with no development on Ridley Island.
Shell had placed the Prince Rupert LNG proposal on the back-burner since it inherited the project through its 2016 acquisition of BG Group PLC.
Cameron Yost, a spokesman for Shell Canada, added that the company can see the long term potential of the Prince Rupert LNG site.
However, Shell said Friday that it is still leading the LNG Canada venture, a LNG export terminal planned for Kitimat, B.C.
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Shell officially drops Prince Rupert LNG project
The Prince Rupert LNG project was in the assessment phase according to Shell and no development was taking place on Ridley Island.
While Shell has decided to scrap the project, they will still move forward with another project they have involvement with – The LNG Canada plant.
Shell says that while they can see the long term potential of the Prince Rupert site, they have decided to put their energy into the Canada LNG project which will be built in Kitimat.
LNG Canada has involvement from four companies: Shell, PetroChina Co. Ltd., Korea Gas Corp. and Mitsubishi Corp.
– According to an article in the Globe and Mail, Royal Dutch Shell PLC has announced that they will no longer move forward with the Prince Rupert LNG project which was going to be located on Ridley Island.
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Shell ends development of Prince Rupert LNG project
Royal Dutch Shell said Friday it is ending development of the proposed Prince Rupert liquefied natural gas project in British Columbia but is still considering the potential of its other West Coast LNG option.
Shell acquired the Prince Rupert LNG as part of a portfolio of projects in its takeover of natural gas giant BG Group last year, but said it decided to discontinue the project after reviewing how it stacked up against its existing options.
Shell, however, said it still sees the LNG Canada project as an opportunity to bring Canadian gas resources to a global LNG market, where it expects to see a growth rate of between four and five per cent between 2015 and 2030.
LNG expectations have taken a hit in recent years as the global markets have been flooded by supply.
The company said it continues to actively move forward on the proposed Kitimat, B.C.-based LNG Canada project with its partners, though last year it indefinitely deferred a final investment decision on it because of market conditions.