Shell, Partners Approve $31 Billion Project to Speed Gas to Asia
Shell, Partners Approve $31 Billion Project to Speed Gas to Asia
03 October, 2018, 18:55
Similarly, RBC Capital Markets said "the test for Canada LNG will be whether Shell can deliver the project on the stated budget, without cost increases and on time".
"It seems that mega-projects are back", said Dulles Wang, director, North America gas at Wood Mackenzie, in an email note, adding that LNG Canada is the biggest greenfield project to be approved globally since Russia's Yamal LNG in 2013.
"Adding such a massive newsource of (greenhouse gases) means that the rest of our economy will have to make even more sacrifices to meet our climate targets".
RBC said it estimated Canada LNG's "cost breakeven was around $8 per mmBtu". "That can't go unnoticed", Haisla First Nation chief councillor Crystal Smith said.
"LNG Canada has not received approval from its joint venture partners on their final investment decision", Susannah Pierce, LNG Canada's director, external relations, told NGW September 30.
Details from the agreement: Construction will start immediately with first LNG expected before the middle of the next decade.
"We've never had an opportunity like this, where our government and our programs and services aren't dependent on other government sources for funding", she said. "This is a spectacular day for all British Columbians", he said.
It also helps reaffirm Canada's investment climate, battered by the bungled expansion of the Trans Mountain oil pipeline, which was sold by Kinder Morgan Inc.to the government for C$4.5 billion before its approval was quashed by a federal court.
"In the last two years, LNG Canada has improved its competitiveness, reduced execution uncertainty and gained significant stakeholder support", Westelaar said in the release.
TransCanada will build, own and operate the 670-kilometre Coastal GasLink pipeline that will connect natural gas from north-eastern British Columbia to the export plant in Kitimat. This is compared to the 20 days it takes from the US Gulf.
"Mr. Weaver has been very clear on his view on LNG and he can certainly speak for himself, but we are working, he and I and the government, on putting in place our climate action plan this fall and it will include LNG", he said in an interview after the LNG announcement. Liquefied natural gas is gas that has been compressed to be transported.
Business interests have placed increasing pressure on Finance Minister Bill Morneau and other officials to improve Canadian competitiveness, through tax cuts, regulatory changes and other measures, arguing that Canada is gradually losing its advantage over USA firms.
"We can't build energy projects like we did in the old days where the environment and the economy were seen as opposing forces", Trudeau said.
"Beyond this, we believe this project has the potential to be the first of many on the West Coast of Canada", if Canadian LNG follows the global standard, being that LNG export areas tend to be "hubs" of terminals, rather than standalone facilities", they wrote.
"The capex requirements of the Canadian LNG project do not put pressure on (Royal Dutch Shell's) ability to provide returns to shareholders but we think it signals an effort to re-build a strained portfolio and question how compelling the economics are", Citigroup analyst Alastair Syme wrote in a research note.
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 wore a brown jacket and carried a bag in a matching colour, topping off the look with a similarly coloured trilby. Today is Kate's first solo appearance since she started maternity leave after the birth of Prince Louis .
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