Canada's largest private sector project: US$ 32bn LNG export terminal
07 Octobre, 2018, 16:07 | Auteur: Therese Cote
Haisla had been working with Shell and its partners for five years on agreements to mitigate LNG Canada's environmental impacts and also to establish "long-term careers instead of short term employment" for her people, Smith said.
Energy consultancy Wood MacKenzie said it appeared the project partners had pushed hard to reach an investment decision, with rival projects being progressed in Qatar, Russia, Mozambique and the United States.
LNG Canada, which is made up of Shell, Petroliam Nasianal Bhd of Malaysia (Petronas), Mitsubishi Corp. of Japan, PetroChina Co. from China and Korea Gas Corp. from South Korea (Kogas), is going to announce the final decision for an investment that will be to the tune of C$40 billion ($31 billion). Bloomberg News reported Sunday that the group had approved the investment and an announcement was imminent.
Canada gained an edge over the U.S. LNG sector after China slapped tariffs on American gas last month.
"Getting an LNG project to a final investment decision is like a moon landing", Maarten Wetselaar, Shell's integrated gas and new energies director, said in Vancouver.
"If you look at the demand curve and the supply coming on stream, there are simply not enough projects that are being sanctioned or under development to meet demand by 2023-24", Shell's chief financial officer, Jessica Uhl, told reporters on Tuesday. "Demand has exceeded expectations".
After a decade of planning and negotiations, Royal Dutch Shell and four partners gave their formal approval to build the gas-liquefaction and export terminal in British Columbia, according to a statement late Monday local time.
Within that broader number, the cost of building the terminal has been pegged at $14 billion, with the Coastal GasLink pipeline running C$6.2 billion.
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The project owners will provide their own natural gas supply and will individually market their share of LNG, LNG Canada said in the statement.
The project is expected to have the lowest carbon intensity of any large LNG facility in the world, he said.
PetroChina via subsidiary PetroChina Canada Ltd and Mitsubishi via subsidiary Diamond LNG Canada Ltd own 15% each in the project. Petronas cancelled its own $36-billion Pacific NorthWest LNG project a year ago, in addition to projects cancelled by Nexen and AltaGas Ltd.
The FID is a welcome boost for Canadian Prime Minister Justin Trudeau.
While Horgan bantered jovially with Trudeau as they each praised the other for finding common ground on LNG Canada there's no indication they'll find that on Trans Mountain.
"It's excellent news that we can get an announcement of a major project in Canada", said Dale Dusterhoft, CEO of Trican Well Service Ltd., after the event.
The initial two-train development will have the capacity for 14 million tonnes of LNG per annum and a further two trains could potentially be added in subsequent development phases. Such complexes are used to convert LNG from liquid form back into gas that can then generate electricity at power plants. The project achieves positive cash flow with Tokyo-delivered LNG at $8.50 per million British thermal units. LNG Canada has proposed to eventually export as much as 26 million tons a year.
These final approvals mark the end of a 7-year long effort which included 2 postponements in 2016, during the worst of the economic downturn. The market, oversupplied for the last few years, is seen flipping to a deficit as soon as 2022 absent new projects, according to Sanford C. Bernstein & Co. Global LNG imports will set a new record this year of 308 million metric tons thanks to growth from Asia, Bloomberg NEF forecast September 12. All comments are subject to editorial review.
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