Pacific Oil & Gas Ltd.'s wholly-owned subsidiary, Woodfibre LNG, has signed a second LNG sales agreement with BP Gas Marketing Ltd., a wholly-owned indirect subsidiary of BP PLC, for delivery from Woodfibre LNG’s planned 2.1-million tonne/year (tpy) plant near Squamish, BC. BP will receive 0.75 million tpy over 15 years on a free-on-board (FOB) basis. The deal increases BP’s total LNG offtake from Woodfibre to 1.5 million tpy.
Woodfibre LNG last year received a 5-year extension from the British Columbia Environmental Assessment Office to begin construction of the plant. The new deadline is Oct. 26, 2025 (OGJ Online, Nov. 2, 2020). The company had hoped to begin construction third-quarter 2020 and at the time of requesting the extension said it instead expected to begin third-quarter 2021.
