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The $36-billion price tag covers the 12-million-ton-per-year first phase of the LNG plant, development of shale gas fields in northeastern B.C. and a pipeline to connect the two.

Petronas is the lead partner, with minority partners China Petrochemical Corp., or Sinopec, Japan Petroleum Exploration Co., Indian Oil Corp. and Brunei National Petroleum Co.

Mike Culbert, acting president and CEO of Petronas’ Canadian branch and CEO of its upstream arm, Calgary-based Progress Energy Canada Ltd., said the short-term plan is to continue to explore and develop its northeastern B.C. Montney gas play by drilling.

“For the near term we will continue at the planned pace but, like anything, if it takes longer than expected, we’ll have to adjust the program,” he warned.

Progress will spend about $2.5 billion in capital in the field this year and had planned to spend a similar amount in 2015, Culbert said. He said the company and its partners have grown production to about 100,000 barrels of oil equivalent per day, 90 per cent from British Columbia and the rest from Alberta.

The project is facing increased pressure due to falling global oil prices as LNG prices around the world are often set in relation to the price of crude, Culbert said.

“The oil price is a factor for Petronas and our other four partners in that projects have to compete for capital and that’s why we need the best possible economics we can muster with this project. So that’s very key,” he said.