Exxon Mobil could begin construction of B.C. LNG facility as early as 2017

Collapsing oil prices will not affect the proposed up-to-$25-billion WCC LNG project in northwest B.C., says Imperial Oil.

Details of the Exxon and Imperial Oil project were revealed for the first time in a project description filed with the B.C. Environmental Assessment Office last week.

The global Brent oil price has plummeted to the $40 US range per barrel, a decline of 60 per cent since the summer. The North American price, West Texas Intermediate, has fallen by a similar amount.

The WCC project would liquefy natural gas for transport overseas to energy-hungry Asian countries, but plummeting oil prices mean less revenue for energy companies. Some have already said they are scaling back spending on new projects.

Imperial spokesman Pius Rolheiser noted that the company’s growth strategy is built on cost advantages of long-term assets.

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Vancouver sun – January 12, 2015