Transaction agreements were recently signed by Progress Energy Canada Ltd., Petroliam Nasional Berhard and Pacific Northwest LNG Ltd. which will enable PetroleumBRUNEI to acquire a 3 percent interest in the natural gas assets belonging to Progress Energy Canada. This is the second partnership agreement since April 2013 that Progress Energy Canada and Pacific NorthWest LNG have been entered into.
Progress Energy Canada is owned by the Malaysian company PETRONAS and is at the helm of the development of natural gas in Canada. They produce the equivalent of over 350 million cubic feet of natural gas on a daily basis. The company has played a significant role in strengthening energy exports for Canada.
Pacific Northwest LNG is also owned by PETRONAS. The company has plans to construct a massive LNG export facility on Canada’s Lelu Island. Upon completion, the facility will liquefy and export the natural gas that Progress Energy Canada produces.