Japanese Japex to Take $82mn Hit on Canadian LNG Project

Japan Petroleum Exploration (Japex) will take a total loss of C$102mn (US$82mn) in the fiscal year ending March 2018 due to the scrapping of Petronas-led Pacific NorthWest LNG project in British Columbia, Canada, it said July 26.

Petronas said July 25 it will not proceed with the Pacific NorthWest LNG project due to "extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry".

Japex had a 10% stake in the project; the operator Petronas had 62%, Chinese Sinopec had 15%, Indian Oil Corp 10% and PetroleumBrunei had 3%.

Shardul Sharma