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This is after a vote on Saturday, April 12 2014 had a majority of Kitimat residents vote against the project.
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 periods comprising the Evie, Muskwa and Otter Park members.
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.