Woodside inks Canadian LNG deal

Oil and gas group to assess feasibility of LNG development in British Columbia.

Woodside Petroleum (WPL) has signed an agreement with the government of a Canadian province that gives it the exclusive right to negotiate a long-term tenure for a liquefied natural gas facility.

This is the second agreement the two parties have signed, meaning Woodside could be set to build an LNG export facility near Prince Rupert in British Columbia.

The province's minister of natural gas development Rich Coleman said in a statement the agreement was a "promising" proposal that would create jobs and economic activity.

Woodside chief executive Peter Coleman said the group "looks forward to working with the government of British Columbia, the First Nations and the community as we assess the feasibility of an LNG development at Grassy Point".T

The development is subject to regulatory approvals.

There are currently more than 10 LNG project proposals in British Columbia, the province said.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free