Have you heard about the multi-billion-dollar LNG project proposed in British Columbia? With a $40-billion price tag, the project is set to become the single largest investment into infrastructure in the province’s history!
There would be massive economic benefits for both the private sector and government, with thousands of jobs being created – peaking at 10,000 workers in 2021. Let’s not forget that oil and natural gas from Canada is produced to the highest environmental and human rights standards in the world!
We could discuss the environmental and economic benefits for British Columbia, Canada and the world when it comes to a new LNG project off the west coast. But to keep things much short-winded, here’s three practical reasons why Canada needs BC LNG:
#1 – There’s gas in B.C., and lots of it!
We’ve got tons of natural gas… an estimated 2,000 trillion cubic feet in Northeast British Columbia alone. This means that we have deep and ample reserves of natural gas to supply both national and growing international demand.
#2 – More than enough to supply demand
British Columbia has much more natural gas than it uses. In fact, there’s enough natural gas in BC to supply LNG domestic and export operations for about 150 years. Canada should benefit from the growing global demand for LNG and get our natural gas to markets in Asia and across the globe. Currently, Canadian natural gas is sold exclusively to the USA, and often at steep discounts to global prices. If we can export our natural gas we will create tremendous added value for all of Canada.
#3 – Demand for natural gas is increasing globally
New markets for Natural Gas in Asia and other parts of the world means demand is increasing. China alone expects to use a staggering 17.5 trillion cubic feet of natural gas annually by 2040, three times the amount it used back in 2012.
Natural Gas is Important to British Columbia!!
Did you know that natural gas has been produced safely in British Columbia for over six decades?
It is an important part of BC’s provincial economy to say the least – just like the forestry and fishing industries are. And just like these two staple industries, the natural gas sector provides thousands of secure and high paying jobs for British Columbians working for producers, suppliers and service providers throughout the province.
The natural gas industry also generates massive amounts of tax revenues for the government, helping to pay for things like schools, hospitals and infrastructure projects that are critical for the citizens of BC. But unlike the mature industries of fishing and forestry, the natural gas sector is entering into a new era called The Golden Age of Gas – as described by the International Energy Agency (IEA).
Demand for natural gas is rising rapidly across the globe, and B.C. is ideally positioned both geographically and supply-wise to meet some of it.
B.C. Has Always Exported Natural Gas
Did you know that British Columbia has been exporting natural gas for a very long time already?
Shipments were first transported from Vancouver to the United States in the late 1950s and our southernly neighbour has remained our main customer ever since.
But today the USA is producing more of its own natural gas than ever before, especially after tapping into some major tight gas shale plays with great success. Therefore, it only makes sense that B.C. sells its own surplus to new markets overseas where there’s a growing demand.
The only difference between continental and international shipping overseas is the fact that the natural gas has to be cooled dramatically, changing it into a liquid that is 1/600th of its original volume. This makes it much safer and more efficient to transport overseas.
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