Petronas Still Committed to Building LNG Terminal in BC
"Petronas would like to reaffirm its commitment to deliver long-term LNG supply to its customers through the Pacific NorthWest LNG project in Canada, despite the current market volatility for oil and gas," said Petronas executive vice-president Wee Yiaw Hin.
B.C. Natural Gas Development Minister Rich Coleman spoke with Petronas officials and said, "I have a lot of confidence that these guys are still focused with regards to an LNG plant." [read more]
Lax Kw'alaams First Nation Divided Over Decision On Petronas LNG Project
In June, the First Nation's band Lax Kw'alaams rejected a natural gas benefit agreement worth over $1 billion. Today, there is a disagreement among members on whether Lelu Island should be rejected outright as the site of a $11.4 billion export terminal.
Prominent members of the band are open to having an export terminal on Lelu Island, saying they want to examine efforts by Petronas to protect the fish habitat. [read more]
BC Will Be Transformed When LNG Takes Hold
There is substantial revenue flow, employment opportunities, contracting opportunities and business opportunitiesaccording to LNG Canada CEO Calitz. LNG Canada - one of the 19 projects proposed for the West Coast - expects 7,500 workers will be employed during peak construction and an estimated $8 billion will be spent on goods and services within Canada, including $3 billion in B.C.
"B.C., through the LNG industry, will be linked to China, Japan, Taiwan, India, and Korea with an umbilical cord with $50 to $100 million worth of product leaving B.C. and travelling for 10 days to one of the port cities of Asia. That new umbilical cord creates a whole new connectedness across the Pacific." added Calitz. [read more]
$860 Million Sunrise Gas Plant Near Dawson Creek Gets Approved
Versen Inc. announced that construction has begun on the $860 million Sunrise gas plant. This is the largest gas plant to be commissioned in western Canada in the last 30 years. Sunrise is the first of three gas plants that are expected to reach a final investment decision between now and the end of Q1 in 2016.
During construction the three plants shouldproduce 3,000 jobs, including 1,100 at Sunrise. The plant, which has been approved for 400 million cubic feet per day, is expected to be running in the last quarter of 2017. The estimated cost between the three plants is $1.8 billion. [read more]
Waterless Fracking Company Sets Sights On Northeast BC
Millennium Stimulation Services has developed a process using energized natural gas to replace or eliminate water from the frackingprocess. Millenium CEO Mike Heier hopes the company will be operating in Northeast BC in the near future.
Heier said his company is planning to build its own network of LNG plants. "The volumes are very large and the infrastructure is non-existent.Our primary mandate is to build, own, and operate LNG plants." [read more]
What Does This All Mean to Real Estate Prices in NE BC?