Spanish energy group Repsol has decided to cancel its plans to convert its 10.3 bcm/year Canaport LNG import terminal in New Brunswick (Canada) to export, after failing to find partners and concluding that the project was not currently economically profitable.
The proposed liquefaction project, named Saint John LNG, was planned to be developed on the site of its under-utilised Canaport LNG import terminal and was expected to produce 5 Mt/year of LNG (6.75 bcm/year). In September 2015, the Canadian energy regulator National Energy Board (NEB) granted Repsol's subsidiary Saint John LNG Development a 25-year export licence. The company has been allowed to import as much as 312 bcf/year (8.8 bcm/year) of gas by pipeline from the United States, to convert it into 6 Mt/year of LNG at a new liquefaction terminal and to export it.
The project was estimated to cost US$2bn to US$4bn. Repsol and its partner Irving Oil (25% in the Canaport LNG import terminal) will now investigate other options for their terminal.