British Columbia’s Minister of Natural Gas Development, Rich Coleman, has released a statement suggesting that the province’s LNG industry is set to “take flight” this year, as leading proponents begin to make final investment decisions (FIDs) on their projects.
Coleman believes that diversification with the natural gas sector could create up to 100 000 new jobs, while First Nations would also stand to gain from the finalisation of many new benefit agreements this year.
Coleman said: “Over the last year, the province has put in place a competitive policy framework that defines the playing field. The LNG income tax framework gives companies the certainty they need to make investment decisions, while legislation has been passed to establish greenhouse gas emission targets that will make B.C. LNG facilities the cleanest in the world.
Industries' responses have been positive. LNG proponents have told us that B.C. remains competitive and the prospects of growth and investment remain strong as Asia’s need for energy grows.”
Coleman also suggested that new drilling activity in the upstream sector demonstrates investor confidence in the province’s long-term natural gas potential.
Coleman added: “Realising British Columbia’s LNG goal will take time, and a lot has already been achieved. Progress made in 2014 clearly shows we are ready for unprecedented growth.
“LNG will build on a 50-year tradition established by our existing oil and gas industry by turning an abundant domestic resource into a global exportable commodity. We have enough natural gas to help fuel our world for the next 150 years.”
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/09012015/bc-lng-industry-set-to-take-flight-025/