Shell has also indicated potential multi-billion impairments for the fourth quarter (Q4) of 2023. Credit: Filmbildfabrik/Shutterstock.

UK oil and gas major Shell has entered into a long-term LNG sale and purchase agreement (SPA) with Ksi Lisims LNG.  

The agreement entails Shell purchasing 2mtpa of LNG from the Ksi Lisims LNG project. 

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It is the first LNG offtake agreement signed by Ksi Lisims LNG, a joint venture between the Nisga’a Nation, Rockies LNG and Western LNG.  

Due to be operational by 2028, the proposed LNG project will be located at Wil Milit, north of Prince Rupert, British Columbia, in proximity to the Nisga’a village of Gingolx. 

Ksi Lisims LNG plans to produce 12mtpa from two floating LNG production and storage units.  

The facility will be powered by renewable hydroelectricity, with the goal of achieving net-zero emissions by 2030. 

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In July 2023, Black & Veatch, alongside its partner Samsung Heavy Industries from South Korea, secured a front-end engineering design services contract for the Ksi Lisims LNG project.  

Shell Energy executive vice-president Steve Hill said: “LNG is a critical pillar of global energy security and global demand is set to increase in the years to come. We are pleased to sign this agreement with Ksi Lisims LNG, which will help Shell to continue providing diverse and flexible LNG supply to its customers.” 

Rockies LNG president and CEO Charlotte Raggett said: “The Ksi Lisims LNG project will provide energy markets in Asia with low-carbon, reliable energy that helps transition from higher-emitting fuels to meet growing energy needs and supports continued growth in intermittent renewables such as wind and solar.” 

In a separate update, Shell has indicated potential non-cash, post-tax impairments ranging from $2.5bn (£1.96bn) to $4.5bn for Q4 2023.  

These impairments are primarily associated with its Singapore refining and chemicals hub, which Shell is currently in the process of divesting.