With LNG Canada slated to come online by mid-next decade, Shell will continue to solidify itself as the world's top LNG producer.
A new investment of 40 billion Canadian dollars (about 31 billion USA dollars) by LNG Canada promises liquefied natural gas delivery to Asian markets in only eight days, announced the firm on Tuesday.
The partners - Royal Dutch Shell, Mitsubishi Corp., the Malaysian-owned Petronas, PetroChina Co. and Korean Gas Corp. - delayed the final investment decision in 2016, citing a drop in natural gas prices.
Karen Ogen-Toews, First Nations LNG Alliance CEO called the final investment decision "great news for the B.C. economy, for Canada, and for First Nations".
Gas traditionally sells for more in NY because it's closer to major population centres but the difference has been widening recently due to pipeline capacity constraints in Alberta and B.C.
Anglo-Dutch energy giant Shell and its partners have finally given the green light to an enormous liquified natural gas project in Canada.
"The LNG Canada project is a beneficiary of how we used to do things". The burgeoning USA liquefied-natural-gas (LNG) export industry could end up as collateral damage.
What makes the first export plant on Canada's west coast different to the last wave of LNG projects is that it isn't underpinned by long-term sales contracts.
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The LNG facility will be built in Kitimat, British Columbia. "This represents roughly 20% of overall gas production in Canada", the statement said.
"LNG export facilities tend not to occur in isolation", he said. "I believe we can create far more jobs in other industries that won't drastically increase our emissions".
Horgan's minority NDP government only governs because of the support of the Green party and the premier said the province realizes the challenge the project brings for its climate change goals but it plans to work with the companies to drive down emissions.
The project will also receive $215 million in federal funds for infrastructure and environmental performance measures, making it the single largest government investment in the Canadian private sector.
The potential FIDs include "four mega trains in Qatar, Arctic LNG 2 in Russian Federation, at least one development in Mozambique and several USA projects", Wang said, while noting that 2019 "could be the busiest year" ever for LNG project sanctions.
But neither are likely to help Trans Mountain, the troubled oil pipeline project that has epitomized the country's inability to get big projects done and for which Prime Minister Justin Trudeau needs to find a buyer if it's ever to get it built.
In a research note, financial services firm Cowen said the decision supported its view that integrated oil companies are expected to provide a majority of supply growth to 2025 that will meet the high end of demand growth estimates.
But as has been shown by the rise of shale gas in the United States, the death of coal in much of Europe and the ongoing declines in the cost of renewables, much can happen in the energy space in a relatively short space of time.