Shell, Partners Approve $31 Billion Project to Speed Gas to Asia

Shell, Partners Approve $31 Billion Project to Speed Gas to Asia”

The announcement provides a much-needed boost for Trudeau's ruling Liberals, who have struggled with an exodus of global majors from Alberta's oil sands and a series of setbacks in building a crude pipeline expansion to Canada's West Coast.

Mr. Horgan's government will release a new climate action plan later this fall that will count expected emissions from the LNG project of 3.4 megatonnes of GHG emissions annually. The outlook for LNG has since brightened.

"The Final Investment Decision taken by our joint venture participants shows that British Columbia and Canada, working with First Nations and local communities, can deliver competitive energy projects", said Andy Calitz, CEO of LNG Canada.

In light of these circumstances, LNG Canada plans to construct a natural gas liquefaction plant at Kitimat.

In its own statement, Mitsubishi said the total estimated development cost of the planned Kitimat LNG plant is about $14 billion.

"As the market grows, our LNG business needs to grow", Shell Chief Financial Officer Jessica Uhl said in a call with reporters after the FID disclosure. It noted that Shell holds 40% of LNG Canada, with Petronas at 25%, both PetroChina and Mitsubishi at 15%, and Kogas with 5%.

Canada may need to take a different public policy approach to bitumen compared with LNG, said James Moore, a former industry minister and now a senior adviser at law firm Dentons Canada LLP. Two Fort St. John contractors, Surerus Pipeline and Macro Industries, have joint venture projects selected to build segments of the pipeline.

The Anglo-Dutch energy giant and its partners said they would begin construction immediately on the LNG Canada export terminal in Kitimat, which will super-cool cheap gas from British Columbia so that it can be shipped to meet booming demand in Asia.

Gas for the new LNG terminal will come in part from northeast B.C. Meanwhile the inability to get Alberta oil out of the country has contributed to a discount of about $41 of Canadian to the US oil.

"We see that LNG Canada's FID would signal the appetite to invest in LNG is back", Kavonic said.

According to information provided by the province, LNG Canada would be the least greenhouse gas-intensive large LNG facility in the world. In the past, project owners typically relied on long-term sale and purchase agreements with end-users to underpin financing.

Other emerging buyers of LNG in Asia, such as India, are also keen on more flexible arrangements, and LNG producers have had to embrace the new dynamics, with those in the United States leading the way by offering cargoes priced against the USA domestic benchmark.

The announcement on Tuesday, coming on the heels of Canada reaching a trilateral trade deal with Mexico and the United States on the weekend, lifted the mood in the room at an investment bank's commodity price forecast breakfast in Calgary. "I think it's a real challenge to Gulf Coast greenfield projects that go to final investment decision".

Dale Dusterhoft, CEO of Trican Well Service Ltd., one of Western Canada's largest oil and gas services firms, says he doesn't expect any increase in drilling in the next year or so but the demand will start to expand gradually after 2020 as LNG Canada's completion date nears.

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