PETRONAS and its partners have decided not to proceed with the Pacific NorthWest LNG project at Port Edward in B.C., the company said in a press release on Tuesday.

The decision was made after a careful and total review of the project amid changes in market conditions.

Petronas’ Executive Vice President and Chief Executive Officer Upstream, Anuar Taib, said: “We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy industry have led us to this decision.”

He added: “We, along with our North Montney Joint Venture partners, remain committed to developing our significant natural gas assets in Canada and will continue to explore all options as part of our long-term investment strategy moving forward.”

BC Green Party Leader Andrew Weaver said in a statement: “Since the beginning it has been clear that the global marketplace does not support the LNG industry that the BC Liberals promised in their 2013 election campaign.

“Rather than doing the hard work​ required to strengthen and secure the economic opportunities already available in other sectors, the BC Liberals recklessly went all in on a single industry. They let opportunities for innovation and economic development in clean technology, the resource sector, and other major BC industries fall by the wayside.

“BC’s future does not lie in chasing yesterday’s fossil fuel economy; it lies in taking advantage of opportunities in the emerging economy in order to create economic prosperity in BC. These opportunities must be available to people in all regions of our province.

“The BC Green caucus is committed to developing these opportunities in the emerging economy that all British Columbians can access. This is the vision we ran on.”