The Canadian Association of Petroleum Producers (CAPP) has welcomed the positive final investment decision made by LNG Canada to proceed with the construction of a LNG facility on the west coast of British Columbia. The project marks the single largest capital investment in Canadian history.
By 2040, global natural gas demand is expected to increase 45% to reach 199 trillion ft3/d, and Canada’s enormous natural gas resources can help meet that growing demand in an environmentally and socially responsible manner.
Exports of Canadian natural gas would primarily be used for electricity generation in growing Asian economies such as China and India and would directly compete with coal. When used for electricity, natural gas emits approximately 40% fewer greenhouse gases than coal.
CAPP estimates a West Coast LNG industry, exporting approximately 30 million tpy, would grow Canada’s economy by an average of CAN$7.4 billion per year over the next 30 years.
Canada’s oil and natural gas industry can and should become the world’s energy supplier of choice. Without access to global LNG markets, western Canadian natural gas production is projected to decline over the next 10 years, and stay at lower levels of production than today.
Tim McMillan, President and CEO of the Canadian Association of Petroleum Producers:
- “Today’s announcement by LNG Canada represents an important next step in the development of a new industry in Canada, one that would provide access to growing Asian markets for Canada’s vast natural gas resources.”
- “There is a clear and growing demand for natural gas, globally – especially in developing countries such as India and China. Canada has an opportunity to supply that market with responsibly produced resources and realise the important economic benefits that come with it.”
- “It is essential for Canada to access new markets. While Canada has abundant natural gas resources, the US, our largest competitor, is currently the only international customer for western Canadian natural gas.”
Read the article online at: https://www.lngindustry.com/lng-shipping/03102018/capp-hails-positive-lng-canada-fid-as-a-significant-opportunity/