The Natural Gas Innovation Fund (NGIF) has made three major announcements: seven Canadian natural gas producers have joined the fund to advance cleantech innovation and improve environmental performance and greenhouse gas (GHG) emission reduction in Canada's natural gas energy system; a $3 million funding call is opening for cleantech solutions for the development and production of natural gas; and a Federal/Provincial Government and Industry collaboration on GHG emission reduction in natural gas energy across Canada is being launched.
Progress Energy Canada Ltd. has changed its name to PETRONAS Energy Canada Ltd. (PETRONAS Canada), effective November 22. PETRONAS is Malaysia's fully integrated oil and gas multinational ranked among the largest corporations on FORTUNE Global 500. PETRONAS entered Canada as part of a joint venture with Progress Energy in 2010, and Progress Energy became a subsidiary of PETRONAS in 2012.
Shell Canada Energy, PetroChina Kitimat LNG Partnership, Diamond LNG Canada Ltd. and Kogas Canada LNG Ltd. announced that Petroliam Nasional Berhad ("PETRONAS") will take an equity position in LNG Canada, located in Kitimat, British Columbia on the west coast of Canada, through its wholly owned entity the North Montney LNG Limited Partnership ("NMLLP"), subject to regulatory approvals and closing conditions.
One of British Columbia's flagship liquefied natural gas projects has been cancelled. Pacific Northwest LNG, the $36 billion project set just outside Prince Rupert on the B.C. North Coast, will not proceed, the company stated in a press release Tuesday, July 25. According to the announcement, the Petronas-backed project - approved by the federal government last fall - was spiked after a review conducted because of market condition changes.
Media reports regarding the status of the Pacific NorthWest LNG project, which has been affected by a delay in the federal environmental assessment process, have spurred proponent Petronas to clarify its position on the property.