The Canadian government is set to invest $200-million in the Woodfibre LNG project, currently under construction near Squamish, B.C. This funding will boost the project's capacity by up to 24 per cent, according to a source familiar with the matter.
The Woodfibre LNG project, owned by Enbridge (ENB-T) and Singapore-based Pacific Energy, was originally designed to produce 2.1 million metric tons of liquefied natural gas annually. All of this output is contracted to BP (BP-N). The new investment will increase capacity to between 2.5 million and 2.6 million tons through upgrades to cooling systems and the addition of floating storage tanks.
The project owners are also considering a second phase for the development. They aim to begin operations in late 2027.