LNG a boon for B.C. bottom line

When Premier Christy Clark came out with her bold stance on LNG, many speculated how much annual revenue the project would bring.

When Premier Christy Clark came out with her bold stance on LNG, many speculated how much annual revenue the project would bring.

Clark has clearly stated that the industry will be making $4.3 to $8.7 billion in government revenue each year by 2020.

B.C. Ferries has come out with plans to purchase three new vessels that it hopes will be powered by liquefied natural gas. Although this will involve higher initial capital costs, the overall life cycle costs will be lower.

As of mid-2013 about 138 billion cubic meters a year of LNG was under production, which will bring the total capacity to 500 billion cubic meters by 2018. About 86 billion cubic meters will be sold to Asia and 80 percent is contracted for the long-term.

B.C. Ferries’ interest in LNG says a lot about the demand for the product. We need the product at home as well.

With big-time players like Exxon Mobile, the world’s largest energy company, aboard the project to export LNG (a move that would produce one-third of Canada’s current daily production), it speaks wonders as to how profitable this project could be.

Gary Nagra

Saanich

 

 

Just Posted

Skeena combines Roy Henry Vickers’ vibrant expression with robust oral history

Vickers’ and Budd’s ninth collaboration sells out of local book store, Amazon

Maritime Museum makes bid to move back into Bastion Square

The museum pitched significant renovations to make its long-time home more accommodating

Six-storey, 102-unit residential complex proposed for main Esquimalt intersection

Praxis Architects Inc. wants to see the development at Lampson Road and Esquimalt Street

UVic threatens any athletes who speak about rowing coach investigation

Barney Williams has been accused of harassment and abuse

Greater Victoria 2019 holiday craft fair roundup

Get a jump on your holiday shopping

University of Victoria threatens any athletes who speak about rowing coach probe

Barney Williams has been accused of harassment and abuse

B.C.’s largest catholic archdiocese names 9 clergymen in sex abuse report; probes ongoing

Vancouver Archdioces presides over 443,000 parishoners in B.C.

Greater Victoria Crime Stoppers wanted list for the week of Nov. 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you plan on making any purchases on Black Friday?

We’ve all seen the images. Shoppers rioting outside of a store in… Continue reading

Eagles congregate around Salish Sea for one last feast before period of famine

Mountainaire Avian Rescue Society preparing to receive birds in need of care

Smudging in B.C. classroom did not affect Christian family’s faith, says school district lawyer

Lawyers make closing arguments in a Port Alberni case about the Indigenous cultural practice

Canadian Forces member charged with possessing magic mushrooms in Comox

Master Cpl. Joshua Alexander, with the 407 Maritime Patrol Squadron, facing two drug related charges

Most Read