More than 70% complete, LNG Canada promises to unlock the full economic potential of Canada’s rich gas reserves for the first time. Read on.
An export terminal on the West Coast providing access to global markets would be a game-changer for Canadian producers who have been maxing out the volumes they can push into the U.S. Midwest and Eastern Canada, said Richard Frey, an analyst with S&P Global Commodity Insights. In 2021, Canada exported an average of 7.6 billion cubic feet per day of natural gas to the U.S. and imported 2.2 Bcf/d.
Now, those same oilpatch veterans are urging Shell and its partners to quickly green-light a second phase of the project, effectively doubling the export capacity of the plant from 14 million tonnes of LNG per year in the first phase, to 28 million tonnes a year.“We had an opportunity that required us getting after these projects 10 to 15 years ago. We didn’t for all kinds of reasons,” said Tourmaline Oil Corp. chief executive and founder Mike Rose. “Fortunately, we have a second crack at it.
In Kitimat, work can’t progress fast enough for LNG Canada’s investors, even as massive new pieces of equipment and machinery arrive almost weekly. A 56-meter-high circular tank — the second-largest LNG tank in the world — is also nearing completion and will eventually store the super-chilled natural gas until tankers arrive to carry it away.Photo by Meghan Potkins/Financial Post
“It doesn’t really make sense to build a facility if you don’t think you’re going to get a lot of good use out of it for at least a decade, if not two decades,” Frey said. “There’s a lot of questions right now about natural gas’s role in the future energy mix. So that’s what I would be the most concerned about: It looks great right now, but what does it look like in 2045?”Article content
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