CNOOC's wholly-owned subsidiary Nexen, has entered into an exclusive agreement with the Government of British Columbia, Canada, to examine the viability of building a liquefied natural gas (LNG) plant and export terminal at Grassy Point near Prince Rupert, British Columbia, Canada. The agreement with the Government of British Columbia grants Nexen and its joint venture partners INPEX Corporation and JGC Corporation, the exclusive right to pursue long-term access to Crown land at Grassy Point. The capacity of the proposed LNG terminal, named Aurora LNG, is not precised yet.
LNG export is a viable option for maximizing the value of Nexen's shale gas resource. Third-party evaluators have estimated that the natural gas assets Nexen and joint venture partners share in the Horn River and Cordova basins hold up to 15 tcf (425 bcm) of recoverable contingent resources, while the Liard lands are estimated to contain up to 23 tcf (650 bcm) of prospective resources.
Source: CNOOC
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