Woodfibre LNG to sell its LNG Production to BP
The Woodfibre LNG export facility situated in British Columbia has dedicated its entire LNG production to be sold to the oil and gas giant, bp. This collaboration marks the third long-term agreement between the Canadian facility and the UK-based firm, bp. With this latest contract, bp will acquire an additional 0.45 million tonnes of LNG each year for a span of 15 years, which raises their total off-take from the facility to 1.95 million tonnes on an annual basis.
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Jonathan Shepard, who holds the position of Vice-President of Global LNG Trading and Origination at bp, emphasized the anticipated rise in global demand for LNG. He mentioned that with the addition of the Canadian supply source, bp would be in a more advantageous position to cater to the Pacific market's needs.
Woodfibre LNG, which is currently in its pre-construction phase, is a site steeped in history. For nearly a century, it was utilized for pulp and paper operations. It's also a location of cultural significance for the Squamish Nation, known by its traditional name of Swiy?át. The project is unique in that it is the first in Canada to acknowledge a First Nations government as a regulatory body.
In a recent development in March 2023, Woodfibre LNG declared their ambition to reach Net Zero emissions at the facility by its operational commencement in 2027. This commitment, if realized, would make Woodfibre LNG a pioneer, surpassing government regulations by more than two decades. Christine Kennedy, the President of Woodfibre LNG, commented on the initiative, stating its alignment with global energy transition goals.
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According to the article by Procurement Resource, The Woodfibre LNG facility in British Columbia will sell its entire LNG production to bp, marking their third agreement. Under the new contract, bp's annual off take rises to 1.95 million tonnes for 15 years. Jonathan Shepard of bp highlighted the strategic importance of this Canadian supply for global demands. Woodfibre LNG, historically significant and recognized by the Squamish Nation, aims to achieve Net Zero emissions by 2027, surpassing regulatory standards.
