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Numerous unconventional plays will benefit from the project, including British Columbia's Horn River and Liard Shale plays.
The Horn River Basin is located in the remote, northeastern corner of B.C. and covers an area of approximately 1.31 million hectares.
The basin contains a geologic sequence of shales from the Middle and Upper Devonian…
As part of the transaction, Indian Oil Corporation Ltd. has also agreed to offtake 1.2 million tons of liquefied natural gas (LNG) per annum.
Veresen expects to execute a number of HOAs with prospective customers, which will then lead to advanced customer negotiations under long-term LTSA and PSA agreements.
The Multi Phase Project includes Phase I, II and III.
The Commitment Letter, which required QRCI to deliver gas to the Komie North Project from its properties in the Horn River Basin, also terminated.
"Over the next three years, subject to required approvals, we expect to complete $12 billion of projects that are currently in advanced stages of development," said Russ Girling, President & CEO.
The Tesoro-Savage Joint Venture will own the crude unloading and marine loading facilities and will enter into a land lease agreement with the Port for an initial period of ten years.