|By Marketwired .||
|March 26, 2014 01:59 PM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 03/26/14 -- Natural Resources Canada
The Honourable Greg Rickford, Canada's Minister of Natural Resources, today announced the Government of Canada's approval of four long-term liquefied natural gas (LNG) export licences for Pacific NorthWest LNG, Prince Rupert LNG, WCC LNG and Woodfibre LNG.
Minister Rickford emphasized the strategic importance of these approvals for Canada and the world. Market diversification for Canada's natural gas remains a top priority for the Government of Canada. Canada has an abundance of natural gas and the potential to become a major global supplier of LNG. The growing economies of Asia are obvious markets due to the short shipping distance from the British Columbia coast. A fully laden tanker leaving our Pacific Coast can reach Asia in as little as 11 days - about a month faster than a tanker leaving from the Gulf of Mexico.
Approval of these licences will allow the proponents to export up to 73.38 million tonnes of LNG per year.
-- Canada is the fifth-largest producer of natural gas in the world and has up to 37 trillion cubic metres of marketable natural gas resources, enough to meet our current production for over 250 years. -- The International Energy Agency's 2013 World Energy Outlook predicts world energy demand will increase by 33 percent by 2035. The rapidly rising economies of China, India and the Middle East will drive growth, commanding more than 58 percent of the rise in global energy demand. India's energy needs alone will double over this period. -- The Conference Board of Canada estimates that potential growth in British Columbia's natural gas sector alone could attract $180 billion in new investment and create 54,000 jobs per year between 2012 and 2035. -- Each Canadian LNG facility will be subject to a thorough environmental assessment and regulatory review to ensure it can be developed safely.
"World energy demand is on the rise, and Canada has the unprecedented energy supply to meet that demand. The approval of these licences is a major step forward in opening the door for Canada's natural gas industry to access world markets. Opening new markets for our energy products supports our government's top priority: creating jobs, growth and long-term prosperity for Canadians."
Canada's Minister of Natural Resources
Backgrounder - Four Long-term LNG Export Licences
Office of the Minister
Natural Resources Canada
Natural Resources Canada
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