HONG KONG, Nov. 13 (UPI) -- China National Offshore Oil Corp. Chief Executive Officer Li Fanrong said his company is considering a liquefied natural gas export hub in British Columbia.
"LNG export is the most attractive option for maximizing the value of our Canadian shale gas business," Li said in a statement Tuesday.
CNOOC's Canadian subsidiary, Nexen Energy, reached an agreement with the provincial government of British Columbia to examine the potential for a liquefied natural gas export terminal near Prince Rupert, a port city on British Columbia's northern coast.
The agreement gives Nexen and its joint venture partners, Japan's Inpex Corp. and JGC Corp., exclusive rights to pursue long-term access to the land needed for the LNG terminal.
"With robust financial capacity, a track record of efficient, innovative and responsible development and significant LNG expertise, Nexen and our joint venture partners are well positioned to pursue this opportunity," the CNOOC chief said.
CNOOC gave no estimate of the volume of LNG expected or from where it would be sourced.
The company completed its $15.1 billion acquisition of Nexen in February.
