Shell agrees to massive Canadian liquified natural gas project

03 Octobre, 2018, 11:57 | Auteur: Therese Cote
  • Shell agrees to massive Canadian liquified natural gas project

A massive liquefied natural gas (LNG) export project in Canada has received final approval from its partners, LNG Canada said on Tuesday, making it the first major new project for the fuel to win approval in recent years.

Yesterday, Petronas confirmed the company and joint venture participants reached a final investment decision on their LNG Canada project to strengthen their LNG supply portfolio to Asian markets. Bloomberg News reported Sunday that the group had approved the investment and an announcement was imminent.

While the project is expected to provide a boost to the Canadian energy industry, some analysts asked whether the price tag could be tough on Shell.

The $40 billion will project will see the construction of a 640-kilometre pipeline to transport natural gas from Dawson Creek in northeastern B.C.to a brand new processing terminal on the coast in Kitimat, where the gas would be processed into liquid for export to overseas.

"The project LNG Canada is bringing to northern B.C. symbolizes the kind of balanced and sustainable path forward British Columbians are looking for", said B.C. Premier John Horgan. "Demand has exceeded expectations". Green leader Andrew Weaver reiterated on Twitter that his party would not support legislation enabling LNG development, but speculating that the opposition BC Liberals might. The project has all necessary permits and will have an initial capacity of 2.1 billion cubic feet a day - about a third of Canada's total gas demand, government data show.

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

LNG expects to start supplying customers with natural gas by 2025.

"I don't see it as a case of replacing US cargoes, more about meeting projected demand growth", said Wood Mackenzie analyst Nicholas Browne.

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Prices have been lower than that for the vast majority of the past four years, but Uhl suggested there would be a "supply gap" opening up around the time the project starts selling fuel that will raise prices. This is compared to the 20 days it takes from the US Gulf.

"LNG Canada's FID. (signals) the appetite to invest in LNG is back", said Saul Kavonic, an energy researcher at Credit Suisse. Plant's estimated construction cost at $1,000 per ton of LNG.

The green light marks the end of a seven-year effort, including two postponements in 2016 at the depths of the gas market downturn.

Kitimat Mayor Philip Germuth was pleased to see reports Sunday that investors in the $40 billion LNG Canada project would announce their intention to proceed with the project as early as Monday.

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

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 made final investment decisions, LNG Canada said.

With assistance from Dan Murtaugh.To contact the reporters on this story: Natalie Obiko Pearson in Vancouver at npearson7@bloomberg.net; Stephen Stapczynski in Tokyo at sstapczynsk1@bloomberg.net; Elffie Chew in Kuala Lumpur at echew16@bloomberg.net; Kelly Gilblom in London at kgilblom@bloomberg.net.

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