Finally. And I mean finally! The fed CEAA will issue enviro certification on or before October 2 for the proposed Petronas LNG consortium (within 2 weeks) and that includes federal cabinet approval as well. About 1 1/2 years overdue IMHO.
Yep. A $36 billion project all-inclusive.
But will the Petronas consortium proceed with final FID thereafter one may ask?
My take? Yep. Definitely. Why? Consortium already has ~$20 billion in capex already invested.
~2 weeks ago, a Petronas VP in Kuala Lumpur confirmed that they are "committed" to proceeding.
Just last week, fed natural resources minister Carr was in New Delhi and, Indian Oil (PNW LNG partner) implored fed minister Carr to expedite the CEAA enviro certification.
Frankly, all consortium members have been frustrated at this lengthy regulatory delay, which commenced back in spring, 2013 - ~3 1/2 years ago. Should not have taken that long on a "365-day" CEAA "clock".
Thereafter, the proponents will review the project overall (looking at lower re-submitted construction/procurement bids) and, I highly suspect, final FID will be issued in December. Remember, the Petronas consortium members are all essentially "off-takers". IOW, not selling into the "open" market in terms of spot price or long-term contractual JCC-linked buyers.
Good news.
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