LNG Canada signals the return of megaprojects: Wood Mackenzie | Markets & Investment

LNG Canada signals the return of megaprojects: Wood Mackenzie | Markets & Investment

Instead, Shell said in a statement that each of the partners in LNG Canada would be responsible for providing their share of the natural gas to be liquefied, and would also be in charge of marketing the output of the super-chilled fuel.

The $40 billion project features the construction of a 670 km pipeline from northeast B.C., and a liquified natural gas export terminal in Kitimat that will process and ship LNG to Asian markets.

Stakeholders in LNG Canada, Shell, Malaysia's Petroliam Nasional Bhd [PETR.UL], PetroChina Co Ltd, Korea Gas Corp (KOGAS) and Japan's Mitsubishi Corp have all given final investment decisions, LNG Canada said on its website.

He added that the LNG Canada approval marks a "drastic" improvement in the LNG market over the past year - a trend driven by growing Chinese demand - and suggested more final investment decisions could come in the next 12 months.

They've stated that the project will be a massive new source for greenhouse gases and threaten the province's climate change goals.

Natural gas is already B.C.'s biggest source of industrial carbon pollution.

The joint venture of JGC-Fluor Corp has been appointed as the project's engineering, procurement and construction contractor.

Canada is committing US$ 200m in federal support to the LNG Canada project for infrastructure and marine and environmental protection.

The project is expected to supply 26m tons of LNG exported annually to emerging Asian markets.

Five law enforcement officers shot in SC , reports say
Emergency personnel are seen on site in the aftermath of a shooting in Florence, South Carolina , U.S. After the man opened fire, he barricaded himself in the house for two hours until he was apprehended.

"Without this, the LNG Canada project would take B.C.in the wrong direction".

King said he estimates a total of between 300 million and 600 million cubic feet per day of gas production has been shut down at various times this year in Western Canada because of low gas prices.

Weaver added that B.C. taxpayers would also end up subsidizing LNG Canada's power by paying rates twice as high and taking on the enormous public debt required to build Site C.

Weaver, whose three members of the Green party caucus have an agreement to support Horgan's New Democrat government, stood up in the legislature Tuesday and accused the NDP of being part of a "grand hypocrisy", for its criticism of past proposed LNG projects.

"We can't build energy projects like we did in the old days, where the environment and the economy were seen as opposing forces", said Trudeau. "I believe we can create far more jobs in other industries that won't drastically increase our emissions".

The announcement provides a much-needed boost for Trudeau's ruling Liberals, who have struggled with an exodus of global majors from Alberta's oil sands and a series of setbacks in building a crude pipeline expansion to Canada's West Coast.

With prices nearly tripling from 2016 lows to over $11 per million British thermal units (mmBtu) as demand gathers steam, the industry has regained confidence and is preparing to invest in new projects again. "This marks the second year that the United States is a net exporter of LNG, but the amount we are exporting remains small compared to our supply base and the total USA market".

Under this scenario, LNG Canada's initial 14 million tonnes looks certain to find willing buyers, indeed, nowhere near enough new projects have been approved to meet the forecast demand.

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