News Post
Jordan Cove LNG project in Oregon wins U.S. environmental impact permit
The company announced that the U.S. Federal Energy Regulatory Commission had issued a final environmental impact statement for its 100 per cent owned Jordan Cove LNG project and the Pacific Connector Gas Pipeline it owns in partnership with a subsidiary of The Williams Companies, Inc.
“The final EIS is a significant regulatory milestone for Veresen,” said Don Althoff, president and chief executive of Veresen, in a news release.
The project applications were filed with FERC in May and June 2013. Veresen plans to build a liquefied natural gas export terminal at Coos Bay, Ore., with capacity to receive 1.03 billion cubic feet of gas per day and producing up to 6.8 million tonnes per year of LNG. A 390-kilometre natural gas pipeline from Malin, Ore., to the LNG terminal will deliver gas originating in Canada and the U.S. Rocky Mountain region.
“Receipt of our final EIS demonstrates our strong progress on the permitting front and paves the way for Jordan Cove LNG to be the first LNG export facility to be built on the West Coast,” added Elizabeth Spomer, president and CEO of Jordan Cove LNG.
“This regulatory milestone will be viewed as great news by our target customers.”
At least 19 LNG projects have been touted for the West Coast of British Columbia but none of them have won final investment decisions by their proponents.
In its executive summary, the FERC report notes that the project would cause “some limited adverse environmental impacts,” but adds that those impacts can be reduced to “less-than-significant levels” by the applicants’ mitigation measures and additional measures FERC recommends
Robert Kwan, an analyst for RBC Dominion Securities, said the news was positive for Veresen.
“While just a step in the process, we believe that a relatively ‘clean’ environmental impact statement is a positive for the stock as it removes a potential hurdle for the project,” he wrote.
Veresen said it expects to obtain a FERC notice to proceed in mid-2016, allowing it to make a final investment decision.
Veresen’s stock closed up 17 cents at $10.20. It has traded between $9.91 and $19.40 in the past year.
dhealing@calgaryherald.com
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