Steelhead LNG will no longer be looking at building a floating LNG processing plant on Malahat First Nation owned Bamberton industrial lands.
The project was announced for the Saanich Inlet south of Mill Bay in August of 2015.
The proposed floating liquefaction facility moored to shore would have had capacity to process up to six million tonnes of LNG per year.
It immediately proved controversial garnering stiff opposition including from other First Nations in the area.
Late Friday, Steelhead LNG confirmed it is no longer moving ahead with the project.
A statement on the Malahat LNG website reads,
“Steelhead LNG made the decision after careful consideration and based on several factors as
we look to develop a project that delivers low-cost LNG that is globally competitive.”
It was estimated at the time it was announced that, when fully operational, the project would would create 30 years of revenue for the Malahat Nation and would create 200 full-time jobs.
“Steelhead LNG would like to thank and acknowledge the many Malahat members who contributed more than 2,200 hours of work as Field Assistants on the early environmental studies,” the statement reads.
The company did say it continues to pursue another LNG project on Vancouver Island near Port Alberni.