‘We are still exploring options for Pacific NorthWest LNG project’
KUALA LUMPUR: National oil company Petroliam Nasional Bhd (Petronas) has not made its final decision on the Pacific NorthWest liquefied natural gas (LNG) project in Canada as the company is still exploring all options.
President and chief executive officer Datuk Wan Zulkiflee Wan Ariffin said the company was exploring ways to make the proposed project competitive with other LNG producers in North America.
“We will announce the final investment decision when the time is appropriate,” he told a press conference at the 19th Asia Oil and Gas Conference, here, yesterday.
Wan Zulkiflee said Petronas’s resources in Canada were significant, with a proven reserve of about 26 billion cubic feet.
“We are determined to monetise this reserve at the right price and at the right time.
“The project team has been tasked to explore all options to develop the LNG plant that will be cost competitive compared with other producers in North America,” he said.
Malaysia is the world’s third largest LNG exporter after Qatar and Australia.
The company traditionally exports its LNG to customers in the Far East but is eyeing opportunities in the Middle East and South Asia.
“LNG business potential in China is huge and Petronas continues to view it as an important market. Petronas currently supplies to Shanghai LNG.
“Besides China, our traditional markets for LNG include Japan, South Korea and Taiwan as well as emerging markets such as Bangladesh, Pakistan and India.
“Securing lucrative markets is always part of our objectives,” he added.
On global oil production cut, Wan Zulkiflee said the company remained committed to its pledge of cutting 20,000 barrels per day and if there was an extension of the arrangement, Petronas would continue with the same amount of output cut. Zarina Zakariah