NewTimes Energy joins LNG race

NewTimes Energy Limited has filed an application to the Canadian National Energy Board (NEB), seeking a 25-year licence to export 12 million tpy of LNG from British Columbia.

The newly formed Vancouver-based company is the 19th entrant in the field of LNG proposals on Canada’s West Coast, The Globe and Mail reports. According to industry experts, there is only room for four LNG projects in B.C., and that the economics of all projects have been “hurt by falling prices for LNG in Asia.”

NewTimes Energy is proposing to build a floating LNG (FLNG) liquefaction facility, and associated port and infrastructure, located near Prince Rupert, according to the licence filed with the NEB on 11 February. The facility will consist of up to three LNG trains. The total LNG to be exported will not exceed 586 billion ft³/yr, or 12 million tpy of gas. The proposed project is expected to occur in 2019, and will take place in three stages: 4 million tpy in 2019; 8 million tpy in 2020; and 12 million tpy as of 2021.

The application to the NEB stipulates that NewTimes will “tailor the project to employ local expertise, the most modern technology, and marketing expertise for potentially two to three trains.” The company also said it would use the experience of industry participants and project stakeholders to create a qualified development team.

NewTimes is currently in talks to reach deals with potential investors, natural gas suppliers, pipeline operators and Asian LNG customers. As such, the company has yet to finalise particular business models.

There are now a total of 19 LNG projects in B.C. vying to export to Asia. The NEB has approved export licences for 10 proposals in British Columbia, most recently for Woodside’s Grassy Point project.

Edited from various sources by Katie Woodward

Read the article online at: https://www.lngindustry.com/floating-lng/12022015/another-lng-company-joins-the-export-race-239/