CALGARY – The chairman of British energy firm BG Group says it’s hitting the pause button on its proposed liquefied natural gas project near Prince Rupert, B.C.
On a conference call to discuss BG’s third-quarter results, interim executive chairman Andrew Gould says the company isn’t abandoning the project.
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But he says there’s a risk the market will be well supplied past 2020, so BG is waiting to see how conditions evolve. Gould says estimated volumes out of the United States are looking to be higher than previously expected and pricing is generally weak.
BG says its proposed project would be developed in two phases, eventually reaching a production capacity of up to 21 million tonnes per year.
BG’s proposal is one of 18 planned for Canada’s west coast that would chill natural gas into a liquid state, enabling it to be shipped across the Pacific by tanker.
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