One of the world’s top oil manufacturers, Exxon Mobil, has responded to the commodity price decline by submitting for environmental clearance prior to embarking on a new Ca$25bn (£13.8bn) project.
Together with Imperial Oil Ltd, its subsidiary firm, Exxon Mobil hopes to press ahead with the huge operation involving exporting liquefied natural gas (LNG), should it get the green light from the regulator in British Columbia.
The company looked into eight different North American west coast locations, but decided that the Tsimshian Peninsula’s Tuck Inlet would be the best setting. This is due to it having port, onshore, and barge facilities within close reach. According to the application:
“British Columbia’s advantages for participating in the global trade of LNG include low ambient temperatures on the north coast, proximity to international markets where natural gas is in high demand, and extensive gas resources from the Western Canadian Sedimentary Basin to support the export industry.”
Exxon Mobil has become an oil industry leader through products like Mobil Vactra 2 and Mobil DTE 24, with the company reportedly remaining committed to innovation and expansion.
It has been estimated that this project will cost in the region of $15bn to $25bn (£8.3bn to £13.8bn), factoring in the LNG annual production capacity of 15 million tonnes.
It is claimed that the building work required for it will create jobs for up to 6,000 people, with 250-300 of them needed for the completion of the initial phase of development, and between 50 and 150 once the project is operational.
Exxon Mobil hopes to secure approval within a year, with work potentially beginning in 2017.