Petronas President/Chief Executive Officer Datuk Wan Zulkiflee Wan Ariffin said exploring options to make the proposed project competitive with other LNG producers in North America was currently the main target.
"We will announce the FID when the time is appropriate," he told a press conference held at the second day of the 19th Asia Oil and Gas Conference here Monday.
Wan Zulkiflee said Petronas' resources in Canada was very significant with its proven reserve of about 26 billion cubic feet (Bcf).
"We are determined to monetise the reserves at the right price and at the right time. "The project team is still exploring all options, including the technological aspects to develop the LNG plant that will be cost competitive compared with other producers in the North America," he said.
The state-owned company is currently the world's third largest LNG exporter (after Qatar and Australia).
It traditionally sold its LNG to customers in the Far East and was currently eyeing opportunities in the Middle East and South Asia.
"LNG business potential in China is huge and Petronas continued to view it as an important market, and Petronas currently supplies to Shanghai LNG.
"Beside China, our traditional market for LNG include Japan, Korea, Taiwan and emerging markets like Bangladesh, Pakistan and India. In short, securing lucrative markets is always part of our objectives," he added.
On Petronas' contribution to the global oil supply cut, Wan Zulkiflee said the company was committed to 20,000 barrels cut and if there was an extension of arrangement, Petronas would continue with the same amount of production cut. -- BERNAMA