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Canada’s Woodfibre LNG says inks second supply deal with BP

By LNG Prime Staff
Canada's Woodfibre LNG says inks second supply deal with BP
For illustration only (Image: Woodfibre LNG)

Canada’s Woodfibre LNG, a unit of Pacific Oil & Gas, said Thursday it signed a second supply deal with a subsidiary of energy giant BP for volumes from its planned export plant in British Columbia.

Under the terms of the sales and purchase deal, BP Gas Marketing will receive 0.75 million tonnes per annum of LNG over 15 years on a free on board (FOB) basis.

This latest deal will increase BP’s total LNG offtake to 1.5 MTPA, over 70 percent of Woodfibre’s future annual production, the firm said in a statement.

“Forward-looking companies like BP are turning to projects like ours for sustainable, stable gas that will supply a clean energy mix,” said Ratnesh Bedi, president of Pacific Oil & Gas.

Singapore-based Pacific Oil & Gas is a part of the RGE group of companies.

The firm’s unit Woodfibre plans to build the 2.1 mtpa LNG terminal and associated facilities west-southwest of Squamish, British Columbia, on its previous pulp mill site.

In addition, the facility would have a storage capacity of 250,000 cbm and use renewable hydroelectricity, according to Woodfibre.

Woodfibre has last year postponed the final investment decision on the project due to the Covid-19 pandemic.

The developer said then it could start building the facility in 2021 in order to produce first LNG in 2025. The project has a price tag of about $1.5 billion.

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