2017 Final Investment Decision
In July 2017, Progress Energy’s sister company Pacific NorthWest LNG announced that the LNG project in Port Edward, British Columbia will not proceed as previously planned. The decision was made by PETRONAS and its partners after a careful and total review of the project amid changes in market conditions. PETRONAS’ commitment in Canada continues through Progress and its world-class inventory of natural gas resources. The subsidiary will play a key role in supporting PETRONAS’ growth strategy in North America.
2015 Final Investment Decision with conditions
In June 2015, Progress Energy’s sister company Pacific NorthWest LNG made a Final Investment Decision on the liquefaction and export terminal project with two conditions: approval of the Project Development Agreement by the Legislative Assembly of British Columbia, and a positive regulatory decision on the company’s environmental assessment by the Government of Canada. Approval of the Project Development Agreement was granted in July 2015.
2015 Successful Appraisal Phase complete
After two years of successful appraisal of the company’s natural gas reserves, Progress Energy has transformed its land position to a world class unconventional resource. It has advanced its technical skills while ramping up operations in a safe, sustainable and compliant manner to reach 15 trillion cubic feet of natural gas reserves, an amount sufficient to supply 2 billion cubic feet per day to Pacific NorthWest LNG for 25 years.
2014 Continued asset growth
Progress Energy acquires C$1.5 billion assets in northeast British Columbia’s North Montney.
2012 The next chapter
Progress Energy is acquired by PETRONAS for approximately C$6 billion and begins operating as Progress Energy Canada Ltd.
2012 Montney reserves continue to grow
Progress Energy experiences continued success in exploring and exploiting the North Montney fairway resulting in growth in its reserve base by 28 percent to over 323 million barrels of oil equivalent proved, plus probable.
2011 Putting the Montney on the global stage
Progress Energy and PETRONAS enter into an agreement to form a 50/50 North Montney Joint Venture to develop the Altares, Lily, and Kahta properties. In addition, Progress Energy positions itself to be an equity owner in an LNG facility on the west coast of British Columbia by establishing a downstream LNG Export Joint Venture with PETRONAS.
2010 Production and land position expand
Progress Energy acquires Suncor Energy’s Foothills assets, including additional deep rights in the Montney formation, giving Progress Energy a total Montney acreage of 900,000 acres.
2009 Progress Energy and ProEx merge
Progress Energy and ProEx merge into a single exploration and production company, Progress Energy Resources Corporation.
2008 Progress Energy increases production and tests the Montney
Progress Energy and ProEx experience first Montney success drilling lands where Progress Energy and ProEx hold the shallower rights. The companies then accelerate the acquisition of deep rights underlying its shallower leases in the area, assembling a huge land position before the end of the year.
2007 Progress Energy and ProEx acquire BG assets
Progress Energy capitalizes on the withdrawal of BG from Canada, acquiring 330,000 net acres of former BG assets, including lands in the Caribou and Montney trends. Progress Energy keeps the producing properties and ProEx takes the exploration assets.
2004 Acquisition of Cequel Energy
Progress Energy acquires Cequel Energy, resulting in the creation of Progress Energy Trust and ProEx Energy. Progress Energy focuses on steady production growth and cash distributions to unitholders. ProEx pursues exploration prospects, primarily in the Halfway horizon.
2002 Progress Energy acquires former Encal properties
Progress Energy enters into a deal with Pengrowth Energy Corporation for a 20 per cent interest in former Encal leases put up for sale by Calpine, establishing its initial position in northeast British Columbia, with plans to pursue prospects in the Halfway formation.
2001 Progress Energy recapitalizes under new management
Calpine Corporation purchases the assets of Encal Energy, while the former principals of Encal purchases and recapitalizes Progress Energy.