Shell says it has approved huge gas project in Canada

05 October, 2018, 06:28 | Author: Kelly Sanders
  • Kitimat residents are looking forward to a formal announcement of a huge LNG investment this week.		
			Matt Robsinon  PNG

The officials said the LNG Canada project is forecast to emit 3.45 megatonnes of greenhouse gas emissions annually.

Now that Shell and its partners in the $31 billion LNG Canada project have chose to proceed with the investment on Canada's West Coast, it could become more hard to make the economic case for greenfield LNG export proposals on the U.S. Gulf Coast.

The partners - Royal Dutch Shell, Mitsubishi Corp., Malaysian-owned Petronas, PetroChina Co. and Korean Gas Corp. - delayed a final investment decision in 2016, citing a drop in global LNG prices.

Each of the joint venture partners will be responsible for providing their own natural gas supply and will individually offtake and market their own LNG.

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

These ventures, including Shell's floating LNG project, were secured by long-term deals for much of their output, and although pricing terms remain confidential, it was usual for these agreements to be linked to the price of crude oil. It's the biggest new liquefied natural gas facility approved globally since Russia's Yamal project in 2013.

LNG Canada said that LNG from its project will reach Asia in about half the time it takes from the U.S. Gulf Coast.

"We believe 2019 could be the busiest year of LNG FIDs ever", said Wood Mackenzie's director of North America gas, Dulles Wang.

Canada may need to take a different public policy approach to bitumen compared with LNG, said James Moore, a former industry minister and now a senior adviser at law firm Dentons Canada LLP.

"LNG exports and exports to Mexico by pipeline are projected to grow substantially, with LNG exports bringing the environmental benefits of our low carbon emissions to overseas customers, while providing jobs, economic benefits and stability to the USA market", Jenkins said.

Trudeau said the amount being spent is the largest single investment by the private sector in Canadian history.

NDP support for the pipeline could divide the ruling NDP and the B.C. Greens, whose support Horgan needs to maintain government. The LNG facility will be built in Kitimat, a town in north-western British Columbia (BC).

Getting the LNG project off the ground could be considered a win for the Trudeau government, which has struggled to get major energy projects built in Canada. Petronas cancelled its own $36-billion Pacific NorthWest LNG project previous year, in addition to projects cancelled by Nexen and AltaGas Ltd.

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.

She said the province has a long way to get there, but Tuesday's LNG announcement and the coming climate plan set targets and the climate agenda.

"We like this announcement which when complete will double the number of export partners Canada has for natural gas (from one to two) and provide an incremental 1.8 billion cubic feet per day of takeaway capacity", National Bank Financial analysts wrote in a research note.


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