Some more unsettling news for BC’s liquefied natural gas dreams.
Royal Dutch Shell has announced that it has postponed a final investment decision on its proposed LNG Canada project in Kitimat.
CEO Ben Van Beurden announced the delay during the company’s fourth quarter and full year results which showed a 44% slide in fourth quarter earnings.
The joint Shell, Mitsubishi, Kogas and PetroChina project was seen as one of the stronger of 20 proposed LNG developments in the province with a final investment decision originally expected this April.
LNG Canada was recently awarded an LNG facility permit, the first of any proposed BC LNG export facility to reach that milestone.
Van Beurden points to the slump in oil and gas prices for weakening the project’s prospective returns.