According to a press release issued by Highbank Resources Ltd. (TSX: V.HBK, Stock Forum) British Columbia's potential LNG production boom just got bigger.
Four more liquefied natural gas (LNG) projects have been proposed in the Prince Rupert area.
British Columbia's Energy Minister Rich Coleman announced Wednesday that the provincial government has received four "new major international LNG project proposals".
Multinational companies including Nexen Inc. (TSX: T.NXY, Stock Forum), Imperial Oil Ltd. (TSX: T.IMO, Stock Forum), Exxon Mobil Corp. (NYSE: XOM, Stock Forum), Woodside Petroleum Ltd. (OTO: WOPEY, Stock Forum) of Australia and Korea's SK E&S are the latest LNG proponents.
Nexen is joined in its project by state-owned CNOOC Ltd. (NYSE: CEO, Stock Forum) -China's largest producer of gas and oil and Japanese petroleum company INPEX.
Woodside is Australia's largest independent oil and gas company and currently operates six LNG processing facilities.
The four new proponents emerged in response to a provincial call for expressions of interest to situate facilities on Crown land at Grassy Point, north of Prince Rupert and within 40 miles of Highbank's Swamp Point North, Portland Canal aggregate project.
On Friday, Highbank was up 7.7% and was trading at $0.07 a share. The company had a market cap of $5.1 million, based on 72.9 million shares outstanding. The 52-week high and low was $0.13 and $0.025 respectively.