Enbridge has acquired a 30% stake in the Woodfibre LNG project in partnership with developer Pacific Energy, which owns the remaining 70%. Enbridge will finance US$1.5bn for the Woodfibre’s construction and operation phases.
Woodfibre, which will be built near Squamish, British Columbia, will have an export capacity of 2.1 million tonnes per annum of liquefied natural gas (LNG), with a floating storage capacity of 250,000 cubic metres.
The amount to be invested by Enbridge will also support the development of the 47km, 24-inch Eagle Mountain-Woodfibre gas pipeline. The pipeline will connect the Woodfibre LNG plant to an existing transmission system that services Squamish and will follow the same route as an existing pipeline.
Pacific Energy has previously secured a 15-year supply agreement with BP Gas Marketing for 70% of Woodfibre’s capacity.
Construction work has already started by EPC contractor McDermott International. Operations scheduled for 2027.