Petronas to look at conditions given upon approval of Canadian LNG project

National oil and gas company Petronas, which has gained approval for a liquefied natural gas (LNG) plant project in northern British Columbia from the Canadian government, will be looking at the conditions given.

President and Group Chief Executive Officer Datuk Wan Zulkiflee Wan Ariffin said he had just received the report and had not gone through it.

"The announcement was just made this morning. We need time to look at the conditions and then we will have a review of the project," he told reporters on the sidelines of the third Malaysian Oil and Gas Services Exhibition and Conference (MOGSEC) here.

Petronas and its partners have awaited approval from the Canadian authorities for three years to build the US$35 billion (US$1=RM4.13) Pacific NorthWest LNG export terminal in northern British Columbia.

Its partners for the project are Brunei National Petroleum Co, China Petroleum & Chemical Corp, Indian Oil Corp, and Japan Petroleum Exploration Co.

Asked whether there would be more retrenchment in Petronas, he said: "If there is an opportunity for optimisation, of course we will review."

Meanwhile, Malaysian Oil and Gas Services Council (MOGSC) President Sharifah Zaida Nurlisha said the industry had witnessed one of the worst downturns in 30 years and the negative outlook was expected to continue next year.

"On the bright side, the local industry is better positioned to face the economic uncertainty, having built competency and capacity over the years, compared with 1998 when oil prices dropped below US$10 per barrel.

"The current situation has created a stronger impetus for industry players to take measures that will strengthen their operations and create resilience against future volatility and unexpected industry developments," she added.

Themed "Asia's Hub for the Oil & Gas Innovation", the three-day event from today is jointly organised by MOGSC and Malaysian Exhibition Services Sdn Bhd. -- BERNAMA