Shell Plc. signed a long-term deal to buy liquefied natural gas from a Canadian floating export facility to serve energy markets in Asia.
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The deal, which calls for 2 million metric tons a year of LNG over 20 years, is the first binding agreement for the proposed Ksi Lisims project, the companies said Monday. The LNG would be lifted on a free-on-board basis by Shell Eastern Trading Pte Ltd. The estimated C$9.9 billion ($7.4 billion) project in remote British Columbia could be ready by 2030, pending a full investment decision.
Ksi Lisims LNG is backed by the Nisga’a Nation, a consortium of Canadian gas producers known as Rockies LNG, including Ovintiv Inc. and Tourmaline Oil Corp., and Houston-based Western LNG, led by a former Cheniere Energy Inc. executive.
The deal adds to Shell’s existing investment in the country. LNG Canada, of which Shell is a majority stakeholder, is expected to ramp up production by mid-decade as the first major exporter in British Columbia. The project’s partners have not yet decided on expanding to a second phase from the initial 14 million tons of capacity.
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