Image via Chevron Canada
BC government announces $40 billion investment in natural gas
By Naomi Ambrose, Staff Writer
British Columbia’s liquefied natural gas (LNG) sector has gotten a new economic boost.
According to a recent press release from the BC Office of the Premier, British Columbia’s LNG sector received a $40 billion investment from LNG Canada. The investment will go towards a natural gas pipeline built in northeast BC that leads to Kitimat. LNG Canada will spearhead the project and will sell LNG to Asian markets, which is expected to generate $24 billion in British Columbia from investments.
Premier John Horgan said in the press release that the project will balance interests in the province.
“Today’s decision by LNG Canada to invest in northern BC demonstrates that balancing our economic, environmental, and reconciliation priorities is possible,” he said. “It’s a balance that will benefit the people of BC as we build a cleaner economy.”
LNG Canada stated in a press release who the LNG Canada project participants are.
According to the release, the “venture participants—Shell, PETRONAS, PetroChina, Mitsubishi Corporation and KOGAS—have taken a Final Investment Decision (FID) to build the LNG Canada export facility in Kitimat, British Columbia, in the traditional territory of the Haisla Nation.”
The LNG Canada press release also included information about the distribution of responsibilities among the LNG Canada project participants. “Each joint venture participant will be responsible to provide its own natural gas supply and will individually offtake and market its share of LNG. The FID is for two processing units or ‘trains,’ with first LNG expected before the middle of the next decade,” said the release.
With regards to the economic activity that is expected to be generated from the investment, the Office of the Premier stated that over 40 years, $23 billion in public revenue should be generated. Moreover, up to 10,000 jobs are expected to be created during construction and up to 950 permanent jobs will be created when operations begin.
The BC Premier’s Office also included perspectives about the project’s significance for First Nations, particularly the Haisla Nation, in whose territory the pipeline will be built.
According to the release, the First Nations are partners with the project. The release further stated that “project partners have reached agreements with elected First Nations at the project site and along the pipeline route.” Neither the Office of the Premier’s press release nor LNG Canada’s specified whether these project partners were from LNG Canada or the BC government.
