British Columbia is showing signs of new economic growth and job creation as a result of an emerging liquefied natural gas (LNG) export industry. The latest details were released in a one-year update to government’s LNG Strategy.
With timely, concentrated actions, the government of B.C. has built the foundation necessary to reach, and perhaps surpass, the BC Jobs Plans goal of having three LNG facilities in operation by 2020.
Progress made since the release of B.C.’s LNG Strategy last year includes:
The establishment of a LNG export industry supports the BC Jobs Plan by building on the province’s strengths to create jobs and economic opportunity from natural resources and proximity to growing Asian markets.
The government of British Columbia released Liquefied Natural Gas: A Strategy for B.C.’s Newest Industry on Feb. 3, 2012. The strategy was released concurrently with British Columbia’s Natural Gas Strategy, which details specific government action items to strengthen B.C.’s potential for economic growth through the diversification of the natural gas sector.
Rich Coleman, Minister of Energy, Mines and Natural Gas : “ The market potential is clear, and demand for LNG is growing. Our LNG Strategy has attracted the interest of the world, and the progress made to date is proof that we are destined to be a global supplier of natural gas. LNG is an unprecedented opportunity to build economic wealth for our province and to build a lasting legacy for British Columbians.”
The LNG Strategy One Year Update report can be found on the Ministry of Energy, Mines and Natural Gas website .
British Columbia’s Natural Gas Strategy: Fuelling B.C.’s Economy for the Next Decade and Beyond guides and supports important development with a total of fifty action items to help grow and diversify B.C.’s natural gas sector. This report can be found here .
LNG brings vast benefits
Liquefied Natural Gas (LNG) is a unique, historical opportunity for British Columbia and Canada. This new, emerging industry will create jobs, government revenue, and prosperity for British Columbians and Canadians.
Here are some of the benefits LNG is expected to provide:
As of January 2013, there are five LNG project proposals that have been formally announced. If five large LNG plants are built, the cumulative gross domestic product benefit to British Columbia is expected to add up to $1 trillion by 2046.
With access to new markets with a demand for B.C.’s energy resources, LNG will increase long-term revenue-generating natural gas production in northeast B.C. The production of this gas will, in turn, increase royalty payments to government. Revenue to the Province from natural gas is used to fund key public services including health-care, education and social programs – services which benefit all British Columbians. Based on higher production volumes alone, at least $1 billion in royalty revenues could be achieved by 2020 from the first three LNG projects.
As the cleanest burning fossil fuel, natural gas is integral to a lower carbon-energy future, including broader use in transportation and power generation. For example: the electricity generated by natural gas has 50 per cent fewer GHG emissions than coal-generated electricity. As a result of LNG exports, B.C.’s natural gas is expected to replace coal-fired power plants, as well as nuclear power generation, in Asia.
[mappress] LNG World News Staff, February 11, 2013; Image: Apache Canada