According to a joint statement, the liquefaction hub will be located at the planned Fermeuse marine supply base, transforming Newfoundland and Labrador into a “major” LNG exporter to Europe and beyond.
Fermeuse will deploy “advanced” LNG technology to help unlock the province’s 9.7 Tcf (trillion cubic feet) of offshore associated gas reserves in the Jeanne d’Arc Basin.
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This estimate is more than triple the initial estimate for Nova Scotia’s Sable Island, the statement said.
The estimated $12-15 billion project promises “significant economic benefits, including provincial royalties.”
According to the statement, the Fermeuse liquefaction hub will create “thousands of construction jobs and over 500 permanent jobs.”
The Fermeuse marine base will support offshore oil and gas expansion with almost 1 km of quayside and heavy-lift capacity.
Fermeuse Harbour offers an ice-free port with year-round access to European markets and new Arctic routes such as the Northwest Passage, reducing emissions and transit times, the statement said.
“By evolving the Fermeuse marine base into a liquefaction hub, we’re not only building on local GBS expertise to create jobs and economic resilience, but we’re also contributing to Canada’s role in the global energy landscape. This initiative will deliver environmental benefits as a low-emission fuel, and positions Canada as a nation to respond to the growing Energy gap in Europe and the United Kingdom,” Swapan Kataria, CEO of Fermeuse and CEO of Crown LNG, said in the statement.
It remains unclear whether Fermeuse is a unit of Crown LNG.
Crown LNG, which specializes in the construction of Norwegian-designed GBS structures to house liquefaction equipment, previously said that it plans to develop a liquefaction project in Newfoundland.
In July 2024, Crown LNG and Catcha Investment completed their deal for a business combination.
This combination resulted in Crown LNG becoming a US publicly listed company.
Last year, Crown LNG completed two strategic acquisition deals forming the basis of its entry into the global LNG infrastructure network.
The first agreement finalized the acquisition of all shares of KGLNG, which owns the operating license for the company’s planned LNG import terminal in Kakinada, India.
Moreover, the second agreement finalized the acquisition of LNG import terminal assets in Grangemouth, Scotland from GBTron Lands Limited.
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