One-Page Deal Sheet
Progress Energy Adds Third Player to BC LNG Project
Indian Oil Corporation Petronas, Progress Energy Canada Ltd.
Announced Date
March 07,2014
Transaction Type
JV
Asset/Basin:
{Montney}
TargetZones:
{"Montney Shale"}
Location
Region
Canada
Country
Canada
Transaction Details: Subscribe to see
Progress Energy Canada Ltd., Pacific NorthWest LNG Ltd. (PNW LNG) and Petroliam Nasional Berhad (PETRONAS) have signed transaction agreements whereby Indian Oil Corporation Ltd., through its affiliates, will acquire a 10 percent interest in Progress Energy's LNG-destined natural gas reserves in northeast British Columbia and in the proposed PNW LNG export facility on Canada'sWest Coast.
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, which represents 10 percent of the LNG facility's production, for a…
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