Petronas Targets More LNG Projects In Canada Given Its Large Gas Reserves
KUALA LUMPUR, Aug 11 (Bernama) -- Petroliam Nasional Bhd (Petronas) is very keen to expand its presence in Canada as the country is now one of its major liquefied natural gas (LNG) suppliers, said executive vice president and chief executive officer of upstream business Mohd Jukris Abdul Wahab.
He said that Petronas has about 50 trillion cubic feet (TCF) of gas in Canada and the current LNG Canada project is only in Phase 1; hence the energy company has embarked on a series of LNG projects backed by this resource portfolio.
“With 50 TCF, we can support several more LNG projects as resource size is not the issue here,” he told an Editors Briefing today.
Mohd Jukris also expressed hope for Canadian government’s support for additional LNG projects.
“We are keen to expand our presence there and see Canada as one of our major LNG supply bases going forward,” he said.
Petronas had successfully shipped the first LNG cargo from its LNG Canada facility in Kitimat, British Columbia, on July 8.
Petronas operates the North Montney Joint Venture upstream gas project and is a major equity partner in LNG Canada, a US$40 billion (US$1=RM4.24) LNG facility.
Commenting on its international presence, Mohd Jukris said Petronas has strengthened its position across countries, including Brunei, Indonesia, Vietnam, Turkmenistan, Abu Dhabi, Canada and Suriname.
“We are growing in some of these countries, and some of the countries have been earmarked as our heartlands. For example, we are gearing ourselves up to develop our first optical gas discoveries in Suriname, while still building exploration wells in the country,” he added.
He said Petronas aspires to expand its international business, pushing for revenue contribution from international assets to move beyond 60 per cent compared to the current 40 per cent.
“(However,) by doing that, it doesn't mean less significant investment in Malaysia. I think our investments in Malaysia will continue to be our core portfolio of investments,” he said.
-- BERNAMA